Volume 32, No. 2
Fall 2006
CONTENTS
ARTICLES
Introduction 111
The Value of Investment in Education:
Theory, Evidence, and Policy
GEORGE PSACHAROPOULOS, O’Leary Chair of the Department
of Educational Organization and Leadership at University of Illinois
at Urbana-Champaign 113
Responding to the Charge of Alchemy: Strategies for Evaluating
the Reliability and Validity of Costing-Out Research
WILLIAM DUNCOMBE, Professor of Public Administration in the
Education Finance and Accountability Program at Syracuse University 137
Evaluating the Reliability, Validity, and Usefulness of
Education Cost Studies
BRUCE D. BAKER, Associate Professor in the Department of
Educational Leadership and Policy Studies, Institute for Policy and
Social Research, University of Kansas 170
A Framework for Determining the Cost of an Adequate Education:
A Tale of Two States
DEBORAH A. VERSTEGEN, Professor in the Department of
Educational Leadership at University of Nevada 202
Estimating the Cost of Adequate Educational Programs:
The Case of Illinois
ANDREW F. WALL, Assistant Professor at the Warner School of
Education and Human Development, University of Rochester 237
Education Finance Policy: Financing the Nonmarket and
Social Benefits
WALTER W. MCMAHON, Professor of Economics Emeritus and
Professor of Education Emeritus at the University of Illinois at
Urbana-Champaign 264
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