We know econometrics is a specialized branch of economics where mathematical and statistical methods and models are applied in economics in understanding past, present, and future trends. There is nothing new in the application of economic theories and hypotheses. Even the father of economics Adam Smith had used the subject in predicting the future trends in higher education. Economics helps the experts and authorities understand which higher education courses will experience higher demands in the market in the future. With the application of econometric models, it is now easier for experts to understand the same matter more precisely. BookMyEssay professionals can also help you in this subject through their econometrics assignment.

Econometric Studies Related to Higher Education

The application of econometric for understanding different aspects of higher education is comparatively new and mostly limited to academic studies. Ehrenberg has mentioned four major issues in higher education that can be studied with econometrics:

Rates of return to higher education: In econometrics, the experts consider both social and private rates of return to estimate the actual rates of return to higher education. According to the data available, over the last decade, there has been a tremendous increase in the number of students noticed worldwide. This may have decreased the rate of return to some extent. However, investment in education is considered a good investment. The global demand for highly skilled workers has been steadily rising which makes higher education particularly in the fields of technology, engineering, management, and medicines extremely demanding.

Higher education as an industry: Both in economics and econometrics higher education is considered an inherent part of any industry. Like any other industry, it has some unique features. There is no denying from any level the economic contribution of higher education to an economy as a whole. Though there are some debates still on as many economists opine otherwise, experts at large prefer considering higher education as an industry.

Academic labor market: In econometrics, the academic labor market is a prime concern. The procedures followed by the higher education institutions in attracting, selecting, and recruiting qualified faculty and the procedures which the academicians follow to gain employment are known as the academic labor market. The institutional demand, i.e. what kinds of faculty they require and the preference of the academicians, i.e. what kinds of jobs they are looking to determining the demand and supply condition in this market. It is found that when the faculty positions are abundant, the students show a higher interest in enrolling in graduate schools.

Institutional behavior: Institutional behavior is a complex subject, it varies from one industry to another. In econometric studies of higher education. institutional behavior is included to understand what makes a higher education institution (HEI) better than the other from a students and faculty members’ perspectives. There various models available like the models of institutional behavior for the universities proposed by Becker in 1979, Gravin in 1980, and James in 1990.

There are many other variable factors taken into account by the experts for the related econometric analysis and how that is going to influence higher education like the semester scores, SAT scores, the effect of study time on grades, etc. This is a newly emerging stream in econometrics and several studies have been taken by the experts. Students often contact BookMyEssay for the assignment writing help on econometrics when they find the assignments on the econometric in higher education a bit tricky. This homework and assignment help service can solve their problem promptly.