Econometric studies of higher education

This paper surveys the various strands of the literature on the econometrics of higher education that have developed during the last 40 years and indicates how the papers in the special issue of the Journal of Econometrics fit into this literature. It discusses in turn the estimation of rates of return to higher education, studies of the academic labor market, studies relating to institutional behavior and studies relating to higher education as an industry. It concludes by suggesting a number of important areas for future research.