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Efficiency of College Education in the Labor Market of the United States

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  • William T. Alpert

    (University of Connecticut)

  • Alexander Vaninsky

    (Hostos Community College)

Abstract

The paper discusses the worthiness of the resources allocated for college education from the point of view of their value in the labor market. We use Data Envelopment Analysis (DEA) to weigh the share of GDP spent on a college education and weighted time of labor force college study against productivity, employment rate, and labor force participation. Based on the data of the United States labor market for the period of 1980 - 2010, we received that the efficiency of a college education had no statistically significant tendency to increase or decrease over the period of the research but was closely related to the business cycles with a lag of one year. JEL Classification:

Suggested Citation

  • William T. Alpert & Alexander Vaninsky, 2013. "Efficiency of College Education in the Labor Market of the United States," Working papers 2013-22, University of Connecticut, Department of Economics.
  • Handle: RePEc:uct:uconnp:2013-22
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    References listed on IDEAS

    as
    1. William W. Cooper & Lawrence M. Seiford & Joe Zhu (ed.), 2011. "Handbook on Data Envelopment Analysis," International Series in Operations Research and Management Science, Springer, number 978-1-4419-6151-8, December.
    2. Jeffrey Brown & Chichun Fang & Francisco Gomes, 2012. "Risk and Returns to Education," NBER Working Papers 18300, National Bureau of Economic Research, Inc.
    3. Marisa Hidalgo-Hidalgo & Iñigo Iturbe-Ormaetxe, 2012. "Should we transfer resources from college to basic education?," Journal of Economics, Springer, vol. 105(1), pages 1-27, January.
    4. Kong, Wei-Hsin & Fu, Tsu-Tan, 2012. "Assessing the performance of business colleges in Taiwan using data envelopment analysis and student based value-added performance indicators," Omega, Elsevier, vol. 40(5), pages 541-549.
    5. Kao, Chiang, 1994. "Evaluation of junior colleges of technology: The Taiwan case," European Journal of Operational Research, Elsevier, vol. 72(1), pages 43-51, January.
    6. Jacob Mincer, 1991. "Education and Unemployment," NBER Working Papers 3838, National Bureau of Economic Research, Inc.
    7. Charnes, A. & Cooper, W. W. & Rhodes, E., 1978. "Measuring the efficiency of decision making units," European Journal of Operational Research, Elsevier, vol. 2(6), pages 429-444, November.
    8. T. -T. Fu & M. -Y. Huang, 2009. "Performance Ranking and Management Efficiency in Colleges of Business: A Study at the Department Level in Taiwanese Universities," Contributions to Economics, in: Jeong-Dong Lee & Almas Heshmati (ed.), Productivity, Efficiency, and Economic Growth in the Asia-Pacific Region, chapter 9, pages 197-215, Springer.
    9. Ahn, Taesik & Charnes, Abraham & Cooper, William W., 1988. "Some statistical and DEA evaluations of relative efficiencies of public and private institutions of higher learning," Socio-Economic Planning Sciences, Elsevier, vol. 22(6), pages 259-269.
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    More about this item

    Keywords

    College education; Efficiency; Labor force productivity; Employment rate; Labor force participation; Data Envelopment Analysis;
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