Develops a valuation model of educational output based on individual earnings from cross-sectional data; describes the problems associated with defining certain elements of the model and proposes adjustments related thereto; uses model to estimate the value of university education in Spain. (Contains 68 references.) (PKP)

The National Center for Education Statistics (NCES) commissioned the papers in this publication to address advances in measuring education inflation and adjusting for it, as well as to examine the emergence of a new focus on school spending, rather than school district spending, as well as new, private sources of funding for public education, and…