REVIEW OF LITERATURE

Dunn and Sullins (1982) conducted a study on cost-benefit analysis and its applicability in Higher Education. The main objective of the paper was to discuss whether cost-benefit analysis can be applied to higher education institutions. This paper examines the problems which arise while performing cost-benefit analysis for evaluating Higher Education. The problems include, selecting the productivity index to use with a cost-benefit analysis, determining the discount rate to be used in the analysis, identifying and measuring the costs of higher education, identifying and measuring the benefits of higher education, and defining the time horizon for investments.So cost-effectiveness analysis and cost benefit analysis can be differentiated and to further highlight why cost-effective analysis may be a more useful tool to evaluate higher education. The major finding of the study was that the use of cost-effectiveness analysis could eliminate certain problems associated with cost-benefit analysis. Still the problems of identifying and quantifying relevant cost and defining the social discount rate remains.

Eicher (1998) studied the Costs and Financing of Higher Education in Europe.

The major objective of the study was to analyse optimal financing. For this the study compared Modes of Financing Higher Education in OECD Countries 1993. Evolution of student numbers in Europe from 1955-1994 and public expenditure per student between 1975 and 1992. The major findings of the study were that the financing of higher education in Europe is going through a period of confusion and change. But based on observations and economic studies, the following views were strained: Student involvement in the funding of their educations is still lower than the optimal appears to explain in many European countries; Tuition fees are growing in different forms and procedures and this trend will remain. In relation to the evolution of fees, there is a need that in most nations the students’ aid systems be reconsidered and modified. A harmonisation of fees and student aid systems is highly necessary if one needs to continue to shape a unified Europe.

Singh and Venkataramani (2012) studied Institutes of Higher Education as delivery channels. They discuss its effect on the financial welfare of the people and highlights the steps taken by numerous participants to deliver financial education with an objective of increasing the knowledge of consumers about financial services. Less than desired results have been acquired from these interventions. As it is a gigantic task to provide financial education in a country like India to a large section of the population, a necessity arises aimed at the dedicated contribution of every stakeholder and a sustainable strategy in place. The findings of the study are that it would be a sustainable and cost effective approach to engage institutions of higher education in the financial education drive.

Gupta (2006) conducted a study on Positive Action in Higher Education in India and the US. The study makes an effort to comprehend the fine distinctions of a caste-based reservation policy that exists in higher education with respect to the controversies, court judgments, a consequent amendment to the constitution in India; and positive action policies, court verdicts, and substitutes to affirmative action in some universities in the US. The major objective of the study is to make apparent the commonness and differences among India and the US in relation to legal, political, socio-cultural, economic, and psychological viewpoints.