The Rise of For‐Profit Higher Education: A General Equilibrium Analysis
构建一般均衡模型分析营利性大学如何与公立和非营利大学竞争，量化了佩尔助学金上限、公立大学补贴和就业法规变化对市场的影响。
ABSTRACT For‐profit colleges have increased their share of the 4‐year college market, particularly among nontraditional and online students, raising concerns about post‐graduation outcomes. We set up and calibrate a general equilibrium model of college choice to analyze how for‐profits compete with public and private nonprofit institutions. We quantify their response to changes in Pell Grant caps, public university subsidies, and gainful employment legislation linking federal funding to graduates' debt‐to‐earnings ratios. Lowering public sector subsidies increases the market share of for‐profit colleges. For‐profit institutions prefer to comply with gainful employment standards but do so by lowering tuition and instructional quality.