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Marginal Willingness to Pay for Higher Education in Nigeria: Socio-Economic and Psychological Perspectives

Okuwa, Oluwakemi B. and Evbuoma, I. K. (2013) Marginal Willingness to Pay for Higher Education in Nigeria: Socio-Economic and Psychological Perspectives. JOURNAL OF EDUCATIONAL REVIEW, 6 (4). ISSN 0975-4792

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This paper looks at the marginal willingness of ho'Usehold to pay for higher education in Oyo state, Nigeria. It also examined the socio- economic and psychological reasons of households' willingness to pay for education. The study employs descriptive statistics and econometric model in analysing the data generated from survey questionnaires in Oyo State. The results shows that household income, household size, parents education and type of school are major socio-economic factor that affect the willingness of household to pay for higher education. The psychological reaction of the household to increase in the cost of schooling reveals that greater percentage of household (above 60%) will use their income while other said they will borrow, sell their assets or look for other means especially to keep their girls in school. Marginal willingness results show that both rural and urban household respondents are willing to pay for higher education in both public and private sectors. This demonstrates the effectiveness of user charges (fees) as a means of improving school services and solving the problem of inadequate funding for tertiary education, The policy implication of this is that the actual effectiveness of user changes (fees) obviously depends on initial socio- economic and psychological condition prevailing in the country that is using it as a policy option, because this will influence the willingness of households to pay for further increase in school expenditure.

Item Type: Article
Uncontrolled Keywords: Marginal willingness, Households, Educational Investment, Schooling, Educational Institutions
Subjects: B Philosophy. Psychology. Religion > BF Psychology
Divisions: Faculty of Medicine, Health and Life Sciences > School of Psychology
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 09 Apr 2015 12:01
Last Modified: 09 Apr 2015 12:01

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