The value of a program can be understood as referring not only to outcomes, but also to how those outcomes compare to the types and amounts of resources expended to produce the outcomes. Major potential mistakes and biases in assessing the worth of resources consumed, as well as the value of outcomes produced, are explored. Most of these occur…

Using detailed individual-level data from public universities in the state of Ohio, I estimate the effect of various institutional expenditures on the probability of graduating from college. Using a competing risks regression framework, I find differential impacts of expenditure categories across student characteristics. I estimate that student…