References

Agasisti, T. (2020). Performance-based funding for higher education: A critical review of the literature. Journal of Higher Education Policy and Management, 42(6), 589–606. https://doi.org/10.1080/1360080X.2020.1773275
Agasisti, T., & Johnes, G. (2015). Efficiency, costs, rankings, and heterogeneity: The case of U.S. higher education. Studies in Higher Education, 40(1), 60–82. https://doi.org/10.1080/03075079.2013.818642
Aghion, P., Dewatripont, M., Hoxby, C. M., Mas-Colell, A., & Sapir, A. (2010). The governance and performance of universities: Evidence from Europe and the US. Economic Policy, 25(61), 7–59. https://doi.org/10.1111/j.1468-0327.2009.00238.x
Ahmad, A. M. (2024). Data envelopment analysis in higher education: A systematic review of recent methodological advances. SAGE Open, 14(1). https://doi.org/10.1177/21582440241271153
Aigner, D., Lovell, C. A. K., & Schmidt, P. (1977). Formulation and estimation of stochastic frontier production function models. Journal of Econometrics, 6(1), 21–37. https://doi.org/10.1016/0304-4076(77)90052-5
Andrabi, T., Das, J., Khwaja, A. I., Vishwanath, T., & Zajonc, T. (2011). Do value-added estimates add value? Accounting for learning dynamics. American Economic Journal: Applied Economics, 3(3), 29–54. https://doi.org/10.1257/app.3.3.29
Angrist, J. D., & Pischke, J.-S. (2009). Mostly harmless econometrics: An empiricist’s companion. Princeton University Press.
Angrist, J. D., & Lavy, V. (1999). Using Maimonides’ rule to estimate the effect of class size on scholastic achievement. Quarterly Journal of Economics, 114(2), 533–575. https://doi.org/10.1162/003355399556061
Archibald, R. B., & Feldman, D. H. (2018). Why does college cost so much? Oxford University Press.
Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29–51. https://doi.org/10.1016/0304-4076(94)01642-D
Athey, S., & Imbens, G. W. (2019). Machine learning methods that economists should know about. Annual Review of Economics, 11, 685–725. https://doi.org/10.1146/annurev-economics-080217-053433
Becker, G. S. (1962). Investment in human capital: A theoretical analysis. Journal of Political Economy, 70(5, Pt. 2), 9–49. https://doi.org/10.1086/258724
Belley, P., Frenette, M., & Lochner, L. (2014). Postsecondary attendance by parental income in the U.S. and Canada. Journal of Human Resources, 49(2), 413–451. https://doi.org/10.3368/jhr.49.2.413
Ben-Porath, Y. (1967). The production of human capital and the life cycle of earnings. Journal of Political Economy, 75(4), 352–365. https://doi.org/10.1086/259291
Bhutoria, A. (2022). School efficiency across countries: A data envelopment analysis. International Journal of Educational Development, 90, 102573. https://doi.org/10.1016/j.ijedudev.2022.102573
Bishop, J. H. (1991). Achievement, test scores, and relative wages. Economic Journal, 101(408), 462–481. https://doi.org/10.2307/2233551
Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115–143. https://doi.org/10.1016/S0304-4076(98)00009-8
Burke, M. A., & Sass, T. R. (2013). Classroom peer effects and student achievement. Journal of Labor Economics, 31(1), 51–82. https://doi.org/10.1086/666653
Card, D., & Krueger, A. B. (1996). School resources and student outcomes: An overview of the literature and new evidence from North and South Carolina. Journal of Economic Perspectives, 10(4), 31–50. https://doi.org/10.1257/jep.10.4.31
Carneiro, P., & Heckman, J. J. (2021). Human capital policy. In S. Bradley & C. Green (Eds.), Handbook of the economics of education (Vol. 5, pp. 1–112). Elsevier. https://doi.org/10.1016/bs.heduc.2020.10.001
Carrell, S. E., Fullerton, R. L., & West, J. E. (2009). Does your cohort matter? Measuring peer effects in college achievement. Journal of Labor Economics, 27(3), 439–464. https://doi.org/10.1086/600143
Carrell, S. E., Sacerdote, B., & West, J. E. (2013). From natural variation to optimal policy? The Lucas critique meets peer effects. Econometrica, 81(3), 855–882. https://doi.org/10.3982/ECTA10436
Charnes, A., Cooper, W. W., & Rhodes, E. (1978). Measuring the efficiency of decision-making units. European Journal of Operational Research, 2(6), 429–444.
Chernozhukov, V., Chetverikov, D., Demirer, M., Duflo, E., Hansen, C., Newey, W., & Robins, J. (2018). Double/debiased machine learning for treatment and structural parameters. The Econometrics Journal, 21(1), C1–C68. https://doi.org/10.1111/ectj.12097
Chetty, R., Friedman, J. N., & Rockoff, J. E. (2014). Measuring the impacts of teachers I: Evaluating bias in teacher value-added estimates. American Economic Review, 104(9), 2593–2632. https://doi.org/10.1257/aer.104.9.2593
Chizmar, J. F., & McCarney, J. S. (1984). A joint production model of teaching. Journal of Economic Education, 15(3), 246–255. https://doi.org/10.1080/00220485.1984.10845174
Chizmar, J. F., & Zak, T. A. (1983). Canonical estimation of joint production functions. Econometrica, 51(1), 37–46. https://doi.org/10.2307/1912253
Coleman, J. S., Campbell, E. Q., Hobson, C. J., McPartland, J., Mood, A. M., Weinfeld, F. D., & York, R. L. (1966). Equality of educational opportunity. U.S. Government Printing Office.
Cunha, F., Heckman, J. J., & Schennach, S. M. (2010). Estimating the technology of cognitive and noncognitive skill formation. Econometrica, 78(3), 883–931. https://doi.org/10.3982/ECTA6551
Daraio, C., & Simar, L. (2014). Advanced robust and nonparametric methods in efficiency analysis. Springer.
De Witte, K., & López-Torres, L. (2017). Efficiency in education: A review of literature and a way forward. Journal of the Operational Research Society, 68(4), 339–363. https://doi.org/10.1057/jors.2015.92
De Witte, K., & Mergoni, A. (2023). Productivity, efficiency, and management quality in education: A meta-analytic review. Education Economics, 31(4), 395–417. https://doi.org/10.1080/09645292.2023.2182456
Dearden, L., Ferri, J., & Meghir, C. (2014). The effect of school quality on educational attainment and wages. Review of Economics and Statistics, 96(1), 1–19. https://doi.org/10.1162/REST_a_00395
Deming, D. J. (2017). The growing importance of social skills in the labor market. Quarterly Journal of Economics, 132(4), 1593–1640. https://doi.org/10.1093/qje/qjx022
Ding, W., & Lehrer, S. F. (2014). Estimating treatment effects from contaminated multi-period education experiments: The dynamic impacts of class size reductions. Journal of Human Resources, 49(3), 612–651. https://doi.org/10.3368/jhr.49.3.612
Eom, J. (2022). Functional form misspecification and productivity estimation: Evidence from panel data. Empirical Economics, 63(2), 709–736.
Ferro, G. (2020). Higher education efficiency: A systematic review of frontier studies. Socio-Economic Planning Sciences, 70, 100730. https://doi.org/10.1016/j.seps.2019.100730
Figlio, D. N. (1999). Functional form and the estimated effects of school resources. Economics of Education Review, 18(2), 241–252. https://doi.org/10.1016/S0272-7757(98)00024-2
Gelman, A., Carlin, J. B., Stern, H. S., Dunson, D. B., Vehtari, A., & Rubin, D. B. (2013). Bayesian data analysis (3rd ed.). CRC Press.
Gibbons, S., Silva, O., & Weinhardt, F. (2013). Everybody needs good neighbours. Evidence from students’ outcomes in England. Economic Journal, 123(571), 831–874. https://doi.org/10.1111/ecoj.12019
Goldstein, H. (2011). Multilevel statistical models (4th ed.). Wiley
Griliches, Z., & Mairesse, J. (2010). Production functions: The search for identification. In Productivity and growth (pp. 169–203). Cambridge University Press.
Hanushek, E. A. (1979). Conceptual and empirical issues in the estimation of educational production functions. Journal of Human Resources, 14(3), 351–388. https://doi.org/10.2307/145575
Hanushek, E. A. (1986). The economics of schooling: Production and efficiency in public schools. Journal of Economic Literature, 24(3), 1141–1177.
Hanushek, E. A. (1997). Assessing the effects of school resources on student performance: An update. Educational Evaluation and Policy Analysis, 19(2), 141–164. https://doi.org/10.3102/01623737019002141
Hanushek, E. A. (2003). The failure of input-based schooling policies. Economic Journal, 113(485), F64–F98. https://doi.org/10.1111/1468-0297.00099
Hanushek, E. A., & Rivkin, S. G. (2010). Generalizations about using value-added measures of teacher quality. American Economic Review, 100(2), 267–271. https://doi.org/10.1257/aer.100.2.267
Hanushek, E. A., & Woessmann, L. (2015). The knowledge capital of nations. MIT Press.
Hanushek, E. A., Piopiunik, M., & Wiederhold, S. (2017). The value of smarter teachers: International evidence on teacher cognitive skills and student performance. Journal of Human Resources, 54(4), 857–899. https://doi.org/10.3368/jhr.54.4.0317.8619R1
Heckman, J. J., & Kautz, T. (2012). Hard evidence on soft skills. Labour Economics, 19(4), 451–464. https://doi.org/10.1016/j.labeco.2012.05.014
Heckman, J. J., & Mosso, S. (2014). The economics of human development and social mobility. Annual Review of Economics, 6, 689–733. https://doi.org/10.1146/annurev-economics-080213-040753
Kingdon, G. (2006). Teacher characteristics and student performance in India. Oxford Bulletin of Economics and Statistics, 68(5), 545–567.
Kounetas, K., Anastasiou, A., & Mitropoulos, P. (2023). Educational reforms and secondary school efficiency: Evidence from panel frontier models. Empirical Economics, 65(3), 1247–1278. https://doi.org/10.1007/s00181-022-02265-8
Krueger, A. B. (2003). Economic considerations and class size. Economic Journal, 113(485), F34–F63. https://doi.org/10.1111/1468-0297.00098
Kumbhakar, S. C., & Tsionas, E. G. (2011). Some recent developments in efficiency measurement in stochastic frontier models. Journal of Probability and Statistics, 2011, Article 603512. https://doi.org/10.1155/2011/603512
Kumbhakar, S. C., Wang, H.-J., & Horncastle, A. P. (2015). A practitioner’s guide to stochastic frontier analysis using Stata. Cambridge University Press.
Lavy, V. (2015). Do differences in schools’ instruction time explain international achievement gaps? Economic Journal, 125(588), F397–F424. https://doi.org/10.1111/ecoj.12233
Lavy, V., Paserman, M. D., & Schlosser, A. (2012). Inside the black box of ability peer effects: Evidence from variation in the proportion of low achievers in the classroom. Economic Journal, 122(559), 208–237. https://doi.org/10.1111/j.1468-0297.2011.02463.x
Levačić, R., & Vignoles, A. (2002). Researching the links between school resources and student outcomes in the UK: A review of issues and evidence. Education Economics, 10(1), 1–22. https://doi.org/10.1080/09645290110115776
Lou, Z. (2024). Integrated production and efficiency analysis in higher education: A multi-output frontier approach. Higher Education, 87(3), 511–533. https://doi.org/10.1007/s10734-023-01041-2
Manski, C. F. (1993). Identification of endogenous social effects: The reflection problem. Review of Economic Studies, 60(3), 531–542. https://doi.org/10.2307/2298123
Meeusen, W., & van den Broeck, J. (1977). Efficiency estimation from Cobb–Douglas production functions. International Economic Review, 18(2), 435–444.
Mincer, J. (1958). Investment in human capital and personal income distribution. Journal of Political Economy, 66(4), 281–302. https://doi.org/10.1086/258055
Mullainathan, S., & Spiess, J. (2017). Machine learning: An applied econometric approach. Journal of Economic Perspectives, 31(2), 87–106. https://doi.org/10.1257/jep.31.2.87
OECD. (2001). Measuring productivity: OECD manual. OECD Publishing.
OECD. (2018). The future of education and skills: Education 2030. OECD Publishing.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., et al. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71
Ranasinghe, A. (1999). Measurement of efficiency in Sri Lankan education: A joint production perspective. Sri Lanka Journal of Social Sciences, 22(1–2), 45–62.
Rao, V. V. B. (1969). Two examples of joint production. Review of Economic Studies, 36(1), 93–96. https://doi.org/10.2307/2296410
Raudenbush, S. W., & Bryk, A. S. (2002). Hierarchical linear models: Applications and data analysis methods (2nd ed.), Sage Publications.
Rivkin, S. G., Hanushek, E. A., & Kain, J. F. (2005). Teachers, schools, and academic achievement. Econometrica, 73(2), 417–458.
Rolle, A. (2004). The economics of education: Production and efficiency in schools. Information Age Publishing.
Romer, D. (1993). Do students go to class? Should they? Journal of Economic Perspectives, 7(3), 167–174. https://doi.org/10.1257/jep.7.3.167
Rothstein, J. (2010). Teacher quality in educational production: Tracking, decay, and student achievement. Quarterly Journal of Economics, 125(1), 175–214. https://doi.org/10.1162/qjec.2010.125.1.175
Sacerdote, B. (2001). Peer effects with random assignment: Results for Dartmouth roommates. Quarterly Journal of Economics, 116(2), 681–704. https://doi.org/10.1162/00335530151144131
Simar, L., & Wilson, P. W. (2007). Estimation and inference in two-stage, semi-parametric models of production processes. Journal of Econometrics, 136(1), 31–64. https://doi.org/10.1016/j.jeconom.2005.07.009
Stanca, L. (2006). The effects of attendance on academic performance. Journal of Economic Education, 37(3), 251–266. https://doi.org/10.3200/JECE.37.3.251-266
Sullivan, D. F., Mackie, C., Massy, W. F., & Sinha, E. (2012). Improving measurement of productivity in higher education. National Academies Press. https://doi.org/10.17226/13417
Summers, A. A., & Wolfe, B. L. (1977). Do schools make a difference? American Economic Review, 67(4), 639–652.
Sun, Y. (2023). Efficiency evaluation of higher education institutions using a double-frontier DEA model. Applied Economics, 55(18), 2065–2083. https://doi.org/10.1080/00036846.2022.2108674
Todd, P. E., & Wolpin, K. I. (2003). On the specification and estimation of the production function for cognitive achievement. Economic Journal, 113(485), F3–F33. https://doi.org/10.1111/1468-0297.00097
Vinod, H. D. (1968). Canonical ridge and econometrics of joint production. Journal of the American Statistical Association, 63(322), 506–515. https://doi.org/10.1080/01621459.1968.10480820
Wedel, M. (2021). Model specification and functional form uncertainty in applied econometrics. Journal of Economic Methodology, 28(4), 375–392.

Zimmer, R., & Toma, E. F. (2000). Peer effects in private and public schools. Journal of Policy Analysis and Management, 19(1), 75–92. https://doi.org/10.1002/(SICI)1520-6688(200024)19:1