Provides a model of human capital search by examining college student migration across states. Tests pertinent investment and consumption benefits. Employs OLS estimation for 49 states, with unique measures for college quality, college climate, and college location. Tests income and price parameters, as well as “super‐selectivity” among certain college groups. The variables for price and college quality are highly significant, while the evidence with consumption benefits remains unresolved. Although several policy options remain open to college administrations, certain public choice incentives may act to impede the working of the university as a “firm”.
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