The Consumption Value of Higher Education

Annette Alstadsæter and Hans Sievertsen

No 2871, CESifo Working Paper Series from CESifo

Abstract: The consumption value of higher education is an important factor behind the individual’s educational choice. We provide a comprehensive literature survey, and define the consumption value as the private, intended, non-pecuniary return to higher education. We provide new empirical evidence for the willingness to pay for the consumption value of a particular type of higher education. Even when controlling for ability selection, we find on US data that Liberal Arts graduates were willing to forego 46 pct. of their potential income in order to enjoy the consumption value of this educational type.

Keywords: educational choice; type of education; non-pecuniary return; willingness to pay; consumption value of education (search for similar items in EconPapers)
JEL-codes: H89 I21 J24 J31 J33 (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_2871

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