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Collective Reputation in Higher Education: An Equilibrium Model

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  • Polishchuk, L.

    (State University Higher School of Economics, Moscow, Russia)

Abstract

Higher education is valued as a source of skills and knowledge, and also as means to signal à talent of degree holders. The policy reforms intended to make higher education more accessible and strengthen incentives for quality.second of these benefits, unlike the first one, could survive a decline of academic standards. A model of post-secondary education is considered where there are two categories of universities - mass and elite, and their separation is maintained by collective reputation. The model produces an equilibrium in which the university system can still be used for signaling but makes no contribution to the human capital accumulation. The model describes the outcomes of the recent transformation of the Russian university system which was driven primarily by the profit-seeking motives and witnessed precipitous drop of the quality of post-secondary education in both mass and elite segments. That model can also be used to assess

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Bibliographic Info

Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): (2010)
Issue (Month): 7 ()
Pages: 46-69

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Handle: RePEc:nea:journl:y:2010:i:7:p:46-69

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Related research

Keywords: market signaling; collective reputation; single-crossing condition; university rating;

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References

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  1. Tirole, Jean, 1996. "A Theory of Collective Reputations (with Applications to the Persistence of Corruption and to Firm Quality)," Review of Economic Studies, Wiley Blackwell, vol. 63(1), pages 1-22, January.
  2. Fershtman, Chaim & Murphy, Kevin M & Weiss, Yoram, 1996. "Social Status, Education, and Growth," Journal of Political Economy, University of Chicago Press, vol. 104(1), pages 108-32, February.
  3. Dennis Epple & Richard Romano, 2002. "Educational Vouchers and Cream Skimming," NBER Working Papers 9354, National Bureau of Economic Research, Inc.
  4. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
  5. Stiglitz, Joseph E, 1975. "The Theory of "Screening," Education, and the Distribution of Income," American Economic Review, American Economic Association, vol. 65(3), pages 283-300, June.
  6. Epple, Dennis & Romano, Richard E, 1998. "Competition between Private and Public Schools, Vouchers, and Peer-Group Effects," American Economic Review, American Economic Association, vol. 88(1), pages 33-62, March.
  7. H. Peyton Young, 1996. "The Economics of Convention," Journal of Economic Perspectives, American Economic Association, vol. 10(2), pages 105-122, Spring.
  8. Weiss, Andrew, 1983. "A Sorting-cum-Learning Model of Education," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 420-42, June.
  9. Andrew Weiss, 1995. "Human Capital vs. Signalling Explanations of Wages," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 133-154, Fall.
  10. Nick Feltovich & Richmond Harbaugh & Ted To, 2002. "Too Cool for School? Signalling and Countersignalling," RAND Journal of Economics, The RAND Corporation, vol. 33(4), pages 630-649, Winter.
  11. Charles T. Clotfelter, 1996. "Buying the Best: Cost Escalation in Elite Higher Education," NBER Books, National Bureau of Economic Research, Inc, number clot96-1, May.
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