Private and Social Rates of Return to Education of Academicians: Note
对Bailev和Schotta关于美国博士院士教育回报率的研究进行注释，指出其计算中忽略了学术人员额外收入及外部性，仅基于市场测试结论。
In the March 1972 issue of this Rezview, Duncan Bailev and Charles Schotta published a study of the returns to investment in the graduate education of Ph.D. academicians in the United States. They use as a proxy for the academic income of Ph.D. faculty, the salarydata reported by the American Association of Universitv Professors (.4A4UP). The alternative income used is an estinmate of the income of bachelor's degree holders taken from an extensive survey of salaries in occupations open to bachelor's degree holders in the state of California. They conmpute both a private and a social rate of return. Their private rate of return includes as costs an estimate of the foregone income of graduate students. Their social rate of return in addition to incomne foregone by students, includes an estimate of the per unit contribution of the state of California to graduate education at the Berkeley, and Los Angeles campuses of the University of California. A second social rate of return is computed by including an estimnate of the costs of graduate school dropouts. Each of these rates of return is estimated for two through six Xyear periods of time spent in graduate school and for eleven different academic income patterns.' Bailev and Schotta explicitly omit from their calculations all incomes earned by academicians in addition to their academic -ear contract salaries. Since they are interested only in test-of-the-marketplace conclusions, they do not consider externalities or the public good aspects of research. T heir conclusions may be surmmarized as: