The authors are: Michael Lovenheim, Sarah Turner ECONOMICS of EDUCATION Michael Lovenheim Cornell University Sarah Turner University of Virginia Vice President, Social Science and High School: Charles Linsmeier Director of Content and Assessment: Shani Fisher Program Manager: Tom Digiano Marketing Manager: Andrew Zierman Marketing Assistant: Morgan Ratner Editorial Assistant: Courtney Lindwall Executive Development Editor: Sharon Balbos Development Editor: Lukia Kliossis Associate Development Editor: Sarah Nguyen Director, Content Management Enhancement: Tracey Kuehn Managing Editor: Lisa Kinne Director of Design, Content Management: Diana Blume Senior Content Project Manager: Edgar Doolan Senior Workflow Supervisor: Susan Wein Senior Design Manager: Vicki Tomaselli Interior Designer: Patrice Sheridan Cover Designer: Joseph DePinho Photo Editor: Jennifer MacMillan Composition: codeMantra Illustration Coordinator: Janice Donnola Illustrations: Network Graphics Cover and Title Page Image: 3DDock/Shutterstock Library of Congress Control Number: 2017937836 ISBN-13: 978-1-464-15694-6 (epub) © 2018 by Worth Publishers All rights reserved. Worth Publishers One New York Plaza Suite 4500 New York, NY 10004-1562 www.macmillanlearning.com About the Authors Michael Lovenheim is an Associate Professor in the Department of Policy Analysis and Management at Cornell University and is a Faculty Research Fellow at the National Bureau of Economic Research in the Economics of Education and Public Economics working groups. He joined the Cornell faculty in 2009 after receiving his BA in Economics from Amherst College in 2000 and his PhD in Economics from the University of Michigan in 2007. From 2007 to 2009, Professor Lovenheim was a Searle Freedom Trust Postdoctoral Fellow at the Stanford Institute for Economic Policy Research. He received both a Spencer Foundation Dissertation Fellowship in 2006 and a postdoctoral fellowship from the Spencer Foundation and the National Academy of Education in 2011. Professor Lovenheim’s research focuses on the economics of higher education as well as on teacher labor markets, and he has published widely in top economics, policy, and education journals. He currently sits on the editorial board of Journal of Human Resources and Demography and is a co-editor at Journal of Policy Analysis and Management. Sarah Turner is a University Professor of Economics & Education and the Souder Family Professor at the University of Virginia, where she holds appointments in the Department of Economics, the Curry School of Education, and the Batten School of Leadership and Public Policy. She is also a Faculty Research Associate of the National Bureau of Economics Research. Turner received her PhD in economics from the University of Michigan and her undergraduate degree from Princeton University. Professor Turner’s research focuses on how students make choices about college going, the impact of financial aid, and the determinants of postsecondary degree attainment. Turner’s research also examines global education markets and the role of high-skill immigration in labor market outcomes. Turner is a co– principal investigator (with Caroline Hoxby) of the Expanding College Opportunities project, a randomized controlled trial that had a substantial impact on college choice for high-achieving low-income students. Professor Turner’s research has received funding from federal agencies and private foundations including the Institute for Education Sciences, the Bill & Melinda Gates Foundation, the Spencer Foundation, and the Smith Richardson Foundation.