Abstract
This paper examines what is known about the effects of tuition level and financial aid on graduate enrollments and the stock of scholars with advanced terminal degrees. The demand for education is not defined in the traditional way as first year enrollments. Rather, a simultaneous equation model is developed which explicitly formulates the interrelated nature of the several demand functions representing progression through higher education. Within this framework, the findings from several statistical and methodological approaches to the demand for education can be analyzed, with a view to reaching a consensus as to the effects of tuition and financial aid at each stage of the choice process.
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