College tuition, as the price of higher education services, defies familiar economic analysis in important ways. It is recognized that tuition is a price that covers only a fraction of the cost of producing those educational services (about a third, nationally), creating an in-kind subsidy for...

This paper was prepared as a chapter for College Decisions: How Students Actually Make Them and How They Could, edited by Caroline Hoxby for publication by the University of Chicago Press for the NBER. In this chapter, we describe the potential significance of student peer effects for the...

In this chapter, we describe the potential significance of student peer effects for the economic structure of and behavior in higher education. Their existence would motivate much of the restricted supply, student queuing, and selectivity and institutional competition via merit aid and honors...