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The recent financial crisis had a profound effect on both public and private universities, which faced shrinking endowments, declining charitable contributions, and reductions in government support. Universities responded to these stresses in different ways. This volume presents new evidence on the nature of these responses, and on how the incentives and constraints facing different institutions affected their behavior. The studies in this volume explore how various practices at institutions of higher education, such as the drawdown of endowment resources, the awarding of financial aid, and spending on research, responded to the financial crisis. The studies examine universities as economic organizations that operate in a complex institutional and financial environment. The authors examine the role of endowments in university finances and the interaction of spending policies, asset allocation strategies, and investment opportunities. They demonstrate that universities' behavior can be modeled using economic principles.

Education, Higher --- Education and state --- Global Financial Crisis, 2008-2009 --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Financial crises --- Finance --- Global Financial Crisis (2008-2009) --- E-books --- Global Financial Crisis, 2008-2009. --- Finance. --- education funding, microeconomics, private universities, public university, shrinking endowments, declining charitable contributions, development, government support, revenue, wealth, money, donations, economics, finance, student aid, research spending, economic organizations, budgeting policies, asset allocation strategies, investment opportunities, staff reductions, recession, 2008, global financial crisis, positive model, faculty labor markets, college enrollment.

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Now that the U.S. Supreme Court has declared school voucher programs constitutional, the many unanswered questions concerning the potential effects of school choice will become especially pressing. Contributors to this volume draw on state-of-the-art economic methods to answer some of these questions, investigating the ways in which school choice affects a wide range of issues. Combining the results of empirical research with analyses of the basic economic forces underlying local education markets, The Economics of School Choice presents evidence concerning the impact of school choice on student achievement, school productivity, teachers, and special education. It also tackles difficult questions such as whether school choice affects where people decide to live and how choice can be integrated into a system of school financing that gives children from different backgrounds equal access to resources. Contributors discuss the latest findings on Florida's school choice program as well as voucher programs and charter schools in several other states. The resulting volume not only reveals the promise of school choice, but examines its pitfalls as well, showing how programs can be designed that exploit the idea's potential but avoid its worst effects. With school choice programs gradually becoming both more possible and more popular, this book stands out as an essential exploration of the effects such programs will have, and a necessary resource for anyone interested in the idea of school choice.

School choice --- Educational vouchers --- Economic aspects --- Educational vouchers. --- Educational vouchers - United States. --- School choice - Economic aspects - United States. --- School choice. --- Education --- Social Sciences --- Theory & Practice of Education --- Choice of school --- Parents' choice of school --- School, Choice of --- Schools --- Selection --- economy, money, wealth, income, class, education, educational, schooling, k12, contemporary, 20th century, supreme court, united states, usa, american, america, constitutional, voucher, program, essay collection, research, analysis, economics, market, achievement, productivity, students, teachers, special ed, financing, equality, inequality, charter, district.

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Arguments in favor of school choice depend on the idea that competition between schools improves the quality of education. However, we have almost no empirical evidence on whether competition actually affects school quality. In this study, I examine the effects of inter-school competition on public schools by using exogenous variation in the availability and costs of private school alternatives to public schools. Because low public school quality raises the demand for private schools as substitutes for public schools, we cannot simply compare public school students' outcomes in areas with and without substantial private school enrollment. Such simple comparisons confound the effect of greater private school competitiveness with the increased demand for private schools where the public schools are poor in quality. I derive instruments for private school competition from the fact that it is less expensive and difficult to set up religious schools, which accounts for 9 out of 10 private school students in the U.S., in areas densely populated by members of the affiliated religion. I find that greater private school competitiveness significantly raises the quality of public schools, as measured by the educational attainment, wages, and high school graduation rates of public school students. In addition, I find some evidence that public schools react to greater competitiveness of private schools by paying higher teacher salaries.

Catholic schools --- Competition --- Private schools