is a harvard degree really worth the same as a colgate degree?
A question for my brothers and sisters in the economics profession: Why do very different private colleges charge roughly the same tuition? For example, a full blown elite research 1 school like the University of Chicago charges about $42k per year. Harvard charges about $39k if you add tuition and the required health fee together. An elite liberal arts college like Swarthmore charges about $40k a year. A much less well known private college like DePauw charges $38k a year. Colgate charges about $45k per year.
The big savings come from going to tiny schools (e.g. Coe charges $33k a year, or Notre Dame of California charges $24k a year). Why is the price/prestige curve flat except for tiny liberal arts colleges? If you believe the Dale/Krueger paper on college choice and income (e.g., doesn’t matter which college you go to, for the most part), then these prices merely reflect that colleges are just selling a generic job market certification that any institution can provide. Other explanations?