Faculty Salaries and the Maximization of Prestige |
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| Authors: | Tatiana Melguizo and Myra H Strober |
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| Institution: | (1) Rossier School of Education, 3470 Trousdale Parkway, WPH 702G, Los Angeles, CA 90089, USA;(2) School of Education, Stanford University, Stanford, CA 94305, USA |
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| Abstract: | Through the lens of the emerging economic theory of higher education, we look at the relationship between salary and prestige.
Starting from the premise that academic institutions seek to maximize prestige, we hypothesize that monetary rewards are higher
for faculty activities that confer prestige. We use data from the 1999 National Study of Postsecondary Faculty (NSOPF), and
regression analysis to examine the determinants of salaries. The results are consistent with the theory that faculty members
are financially rewarded for enhancing institutional prestige. There is some evidence that the rewards are higher in science
and engineering. Spending more time on teaching has no effect on salary, even in comprehensive universities and liberal arts
colleges. Findings suggest that other types of institutions are emulating research institutions in their pursuit of prestige.
Looking at faculty salaries through this lens raises serious questions about the implications of the current reward system
in higher education.
Article Note Earlier versions of this paper were presented at the Economics of Education seminar, Stanford University School of Education,
March 2004, and the American Education Finance Association, Louisville, KY, May 2005. |
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| Keywords: | prestige maximization economics faculty compensation |
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