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The challenge: This paper examines the state of knowledge and evaluation in prison higher education. Little is known about its efforts, outcomes, and impact or about the students enrolled in such efforts. Potential consequences: Incarcerated college students are a disenfranchised population with restricted autonomy. Without understanding prison higher education efforts and outcomes, colleges and universities run the risk of further marginalizing this group of students. Description/analysis/methods: Using the first comprehensive national survey of prison higher education programs, we assess whether and how data are collected on incarcerated college students and whether these data are used for student tracking and/or outcomes evaluation. We then elucidate a variety of challenges that help explain the current lack of quality data. Rationale/reflection/replication: We find that current data collection among prison higher education programs is extremely limited; most programs are unable to provide basic information about their students, instructors, or key student success metrics such as persistence and completion. We conclude with recommendations for program administrators, colleges and universities, and policymakers involved in the work of prison higher education, equity, and access to higher education.
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Opportunity Unraveled: Private Information and the Missing Markets for Financing Human Capital
Investing in college carries high returns but comes with considerable risk. Financial products like equity contracts can mitigate this risk, yet college is typically financed through non-dischargeable, government-backed student loans. This paper argues that adverse selection has unraveled private markets for college-financing contracts that mitigate risk. We use survey data on students’ expected post-college outcomes to estimate their knowledge about future outcomes and quantify the threat of adverse selection in markets for equity contracts and several state-contingent debt contracts. We find students hold significant private knowledge of their future earnings, academic persistence, employment, and loan repayment likelihood, beyond what is captured by observable characteristics. Our empirical results imply that a typical college-goer must expect to pay back $1.64 in present value for every $1 of equity financing to cover the financier’s costs of covering those who would adversely select their contract. We estimate that college-goers are not willing to accept these terms so that private markets unravel. Nonetheless, our framework quantifies significant welfare gains from government subsidies that would open up these missing markets and partially insure college-going risks.
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- Award ID(s):
- 1653686
- PAR ID:
- 10444284
- Date Published:
- Journal Name:
- NBER working paper series
- ISSN:
- 0898-2937
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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