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Notes on Distortions in the Market for Educational Services,
RAND CORP SANTA MONICA CALIF
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The demand for educational services is a derived demand, since education is a good containing both consumption and investment attributes that is produced by a student using his own time and educational services. The cost of any increment to an individuals stock of education includes direct outlays tuition, books, fees, and any room and board expenses beyond those which would have been incurred otherwise and indirect costs the value of earnings forgone. Various factors have been cited as causing the output of educational services provided to diverge from the theoretical optimum. The purpose of this paper is to separate fact from fiction regarding these factors.
APPROVED FOR PUBLIC RELEASE