Subsidies, Hierarchy and Peers: The Awkward Economics of Higher Education
用非营利组织理论和1995年数据，分析了高等教育中市场不均衡、价格低于成本、补贴差异大、等级分明的结构，并指出公众直觉和经济模型常导致误解和不当政策。
Higher education is an industry where markets don't clear, prices on average cover less than a third of production costs, the resulting student subsidies are given in strikingly different amounts by different schools, creating a sharply hierarchical market. And an input important to production can be bought only from the firm's own customers. This paper describes the resulting structure of costs, prices, subsidies, and hierarchy using an augmented theory of nonprofits and 1995 national data to show their magnitudes and suggest their often significant implications. Public intuition and economic models of firms, industries, and welfare often yield distorted understanding and dubious public policies.