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Measuring the consumption value of higher education

Alstadsæter, Annette
Working paper
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URI
http://hdl.handle.net/11250/162874
Date
2004-02
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  • Discussion papers (SAM) [578]
Abstract
The consumption value of education is an important, but rather ignored

factor behind the individual’s educational choice. This paper suggests a

method for measuring the consumption value of education in a compensating

differentials framework when the ability bias is corrected for. As an example,

the willingness to pay for the consumption value of attending teacher’s college

during the 1960’s is estimated on unique Norwegian panel data. The ex-ante

price of the consumption value of teacher’s college is estimated to be 38 %

of the present value of the individual’s potential lifetime income. The ex-post

price of this consumption value is for the same individuals estimated to be about 46 % of the present value of the potential lifetime income.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2004:4

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