Internalized choice theory: a model of student/faculty choice within the university

Initially, the paper examines the alternative analytical frameworks in which previous education studies have been done. More specifically, it examines the "controlled experiment" or dynamic analysis used by psychologist and sociologist, the econometric studies regarding the demand for education, and the traditional labor economics studies which treat human capital like non-human capital. None of these frameworks, however, offer any great insight into the acquisition of such "embodied" education. To answer such questions, the paper will develop a student/faculty, individual adjustment, comparative statics model. An equilibrium from such an analysis is reached through a sequence of instantaneous adjustments within one time period. The model will use the notion of the "reaction function" (as developed by A. Cournot). The basic assumption behind such an independent adjustment model is that each individual maximizes his own utility on the assumption that the quantity produced by the other is invariant with respect to his own quantity decision (i.e., each individual maximizes his utility with respect to the single variable under his control). Armed with such a model and its extensions, the following questions can be considered: Are there any gains to trade that can be realized by changing the teacher's lecture time from a purely public good to a purely private good (or vice versa)? What are the long run and short run repercussions from grade inflation? What are the impacts of different student aptitudes and initial endowments of knowledge on student achievement and grades? How would a binding grade constraint affect student behavior? How do faculty and students react to one another with regard to "effort time" and student achievement?

Name thesis:degree_name

M.A.

Level thesis:degree_level

masters

Discipline thesis:degree_discipline

Economics

Department dc:contributor.department

Economics

Grantor dc:publisher

Virginia Polytechnic Institute and State University

Year dc:date.issued

1976

Author dc:creator

• Kidd, William T.

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Language dc:language.iso

en

Handle dc:identifier.uri

http://hdl.handle.net/10919/113476

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/113476