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Emerald Group Publishing Limited
Copyright © 2000, MCB UP Limited
I read recently that fees and accommodation costs at Yale University are about $34,000 per year. Yet, about 13,000 applicants compete for the 1,350 places. Quality (or at least status, which presumably in the field of education stems from perceived quality) carries quite a premium - and at the top end of any product/service the rise in price of marginal improvements becomes almost exponential. Is a Mercedes car that costs £80,000 four times better than a high-end saloon car that costs £20,000? Presumably the buyers must think so.