Valuing College Graduate Attributes and Skills: Employer Willingness to Pay as Elicited through Design Valuation

Ryan Feuz and Bailey Norwood ()

Applied Economics Teaching Resources (AETR), 2019, vol. 1, issue 2

Abstract: Design valuation (DV) is a new valuation method adapted from the Build-Your-Own (BYO) method used within the marketing literature. Within design valuation, subjects design their optimal good by selecting various attributes at select prices. Through a DV survey of college graduate employers, interval-censored willingness-to-pay (WTP) data are collected for 10 college graduate attributes. Both tangible and intangible attributes are evaluated. Average WTP estimates for the college graduate attributes are estimated relative to the type of college (agricultural, business, engineering, or other) from which the employer prefers to hire recent graduates. A high degree of character, ability to work well with others, and excellent communication skills are among the most highly valued attributes. In general, we find that intangible attributes such as these are valued higher than tangible attributes, which require relatively less subjectivity to determine. This finding points to the importance of the job interview, which is often the best tool employers have to evaluate whether candidates possess these intangible attributes. Analysis of the DV survey results will help academic advisors prepare students for the job market and students to better align their own goals with development of specific skills and attributes to increase their marketability and return on education investment on entering the job market.

Keywords: Teaching/Communication/Extension/Profession (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aaeatr:300070

DOI: 10.22004/ag.econ.300070

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