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Summary
Summary
The past decade has seen increased attention to cost-effectiveness and benefit-cost analysis in education as administrators are being asked to accomplish more with the same or even fewer resources, philanthropists are keen to calculate their "return on investment" in social programs, and the general public is increasingly scrutinizing how resources are allocated to schools and colleges.
This text (titled Cost-Effectiveness Analysis in its previous editions) is the only full-length book to provide readers with the step-by-step methods they need to plan and implement a benefit-cost analysis in education. The authors examine a range of issues, including how to identify, measure, and distribute costs; how to measure effectiveness, utility, and benefits; and how to incorporate cost evaluations into the decision-making process. The updates to the Third Edition reflect the considerable methodological development in the evaluation literature, and the greater empiricism practiced by education researchers, to help readers learn to apply more advanced methods to their own analyses.
SAGE congratulates author Henry M. Levin, winner of the 2017 AERA Distinguished Contributions to Research in Education Award.Table of Contents
List of Tables, Figures, and Examples | p. xi |
Preface | p. xv |
Acknowledgments to the Second Edition | p. xvii |
Acknowledgments to the Third Edition | p. xix |
About the Authors | p. xxiii |
Chapter 1 Introduction to Economic Evaluation | p. 1 |
1.1 Purpose and Goals of the Book | p. 3 |
1.2 The Importance of Economic Evaluations | p. 5 |
1.3 Economic Evaluation for Decisionmaking in Education | p. 9 |
1.4 Summary or Approaches to Economic Evaluation | p. 21 |
1.5 Economic Evaluations and Policymaking | p. 24 |
1.6 Outline of the Book | p. 26 |
Discussion Questions | p. 27 |
Chapter 2 Establishing an Analytic Framework | p. 29 |
2.1 Identifying the Problem | p. 30 |
2.2 Taking Account of the Audience and Perspective | p. 33 |
2.3 Relating Economic Evaluation to the Theory of Change | p. 37 |
2.4 Determining If Economic Evaluation Is Necessary | p. 39 |
2.5 Conclusions | p. 41 |
Discussion Questions | p. 42 |
Exercises | p. 42 |
Chapter 3 Cost Concepts | p. 45 |
3.1 The Concept of Costs | p. 46 |
3.2 Cost per Unit | p. 49 |
3.3 Costs and the Theory of Change | p. 51 |
3.4 Costs Data and Budgetary Information | p. 54 |
3.5 Motivation for Cost Analysis | p. 56 |
3.6 Conclusions | p. 58 |
Discussion Questions | p. 59 |
Exercises | p. 59 |
Chapter 4 The Ingredients Method | p. 61 |
4.1 Identifying Ingredients | p. 62 |
4.2 Specifying Ingredients | p. 63 |
4.3 Sources of Ingredients Information | p. 71 |
4.4 Conclusions | p. 74 |
Discussion Questions | p. 75 |
Exercises | p. 75 |
Chapter 5 Placing Values on Ingredients | p. 77 |
5.1 Methods for Valuing Ingredients | p. 78 |
5.2 Placing Dollar Values on Ingredients | p. 82 |
5.3 Costs Over Multiple Years | p. 93 |
5.4 Conclusions | p. 100 |
Discussion Questions | p. 100 |
Exercises | p. 101 |
Chapter 6 Analyzing and Reporting Costs | p. 103 |
6.1 Tabulating Total Cost Using a Cost Worksheet | p. 104 |
6.2 Reporting Costs | p. 109 |
6.3 Allocating Costs Among Constituencies | p. 117 |
6.4 Analyzing Cost Determinants and Generalizing Costs | p. 123 |
6.5 Conclusions | p. 128 |
Discussion Questions | p. 129 |
Exercises | p. 129 |
Chapter 7 Effectiveness | p. 131 |
7.1 Specifying Effectiveness | p. 132 |
7.2 Methods for Identifying Effectiveness | p. 141 |
7.3 Utility Analysis | p. 149 |
7.4 Conclusions | p. 162 |
Discussion Questions | p. 163 |
Exercises | p. 163 |
Chapter 8 Cost-Effectiveness Analysis | p. 165 |
8.1 Cost-Effectiveness Ratios | p. 166 |
8.2 Alternative Cost-Effectiveness Metrics | p. 169 |
8.3 Interpreting Cost-Effectiveness Ratios | p. 173 |
8.4 Explaining Cost-Effectiveness Ratios | p. 176 |
8.5 Evidence on Cost-Effective Interventions | p. 183 |
8.6 Conclusions | p. 189 |
Discussion Questions | p. 190 |
Exercises | p. 191 |
Chapter 9 Estimating Benefits | p. 193 |
9.1 The Concept of Benefits | p. 195 |
9.2 Specifying Benefits | p. 197 |
9.3 Valuing Educational Benefits Through Earnings | p. 204 |
9.4 Valuing Educational Benefits Through Shadow Pricing | p. 207 |
9.5 Applying Benefits in Benefit-Cost Analysis | p. 217 |
9.6 Conclusions | p. 218 |
Discussion Questions | p. 219 |
Exercises | p. 219 |
Chapter 10 Benefit-Cost Analysis | p. 221 |
10.1 Combining Benefits and Costs Into Economic Metrics | p. 222 |
10.2 Performing Benefit-Cost Analysis | p. 229 |
10.3 Examples of Benefit-Cost Analysis | p. 233 |
10.4 Conclusions | p. 239 |
Discussion Questions | p. 241 |
Exercises | p. 241 |
Chapter 11 Accounting for Uncertainty | p. 245 |
11.1 Type of Uncertainty and Sensitivity | p. 246 |
11.2 General Sensitivity Testing | p. 250 |
11.3 Sensitivity Testing of Cost Estimates | p. 254 |
11.4 Sensitivity Testing of Cost-Effectiveness | p. 257 |
11.5 Sensitivity Testing of Benefit-Cost Analysis | p. 258 |
11.6 Distributional Issues | p. 262 |
11.7 Conclusions | p. 264 |
Discussion Questions | p. 265 |
Exercises | p. 265 |
Chapter 12 Checklist for Economic Evaluations | p. 269 |
12.1 A Checklist for Appraising Economic Evaluations | p. 270 |
12.2 Appraising Economic Evaluations | p. 273 |
12.3 Conclusions | p. 277 |
Discussion Questions | p. 278 |
Exercises | p. 278 |
Chapter 13 Economic Evaluations for Education Policy | p. 279 |
13.1 Applying Economic Analysis | p. 280 |
13.2 Expanding the Use of Economic Evaluation | p. 283 |
13.3 Decisionmaking and Economic Evaluation | p. 288 |
13.4 Prioritizing Educational Investments | p. 292 |
13.5 Using Economic Evaluations to Improve Education Research | p. 297 |
13.6 The Future of Economic Evaluation of Education | p. 299 |
13.7 A Final Word | p. 300 |
Discussion Questions | p. 300 |
Appendix A Answers to Even-Numbered Exercises | p. 301 |
Appendix B CostOut Tool | p. 313 |
References | p. 317 |
Index | p. 339 |