How do Financial Aid Policies Affect Colleges?
以佐治亚州HOPE奖学金作为自然实验，研究财政援助政策对大学定价、机构援助、支出和州拨款的影响，发现四年制大学（尤其是私立院校）通过提高学费等方式抵消了约30%的奖学金收益，削弱了政策效果并增加了非受益学生的成本。
Abstract This paper examines the effects of financial aid policies on the behavior of post-secondary institutions. Using the introduction of the Georgia HOPE Scholarship as a natural experiment, it investigates the impact of the policy on college pricing, institution aid, expenditures, and state appropriations. The results suggest that four-year colleges in Georgia, particularly private institutions, did respond by increasing student charges. In the most extreme case, colleges recouped approximately 30 percent of the scholarship award. As a result, the institutional responses reduced the intended benefit of the scholarship and increased the cost of college for nonrecipients.