The Opportunity Cost of Study Abroad Programs: An Economics-Based Analysis

  • George Heitmann
Keywords: Study abroad, study abroad cost, opportunity costs, Economic based analysis

Abstract

This article presents an analysis of the assumption that study abroad is an academic program, and, in that sense, no different from, for example, programs offered in literature or physics. The purpose of the analysis is, first, to summarize briefly some standard study abroad practices, and indicate their revenue and cost implications. This is done in Part II. The second purpose, presented in Part III, is to discuss the opportunity cost of study abroad. The analysis presented therein will be familiar to economists, but will likely be novel to many college and study abroad administrators. It will demonstrate with a numerical example why the standard interpretation of study abroad costs is wrong, and provide an economic approach whereby costs can be correctly assessed.

 

The assumption underlying the analysis is that study abroad is an academic

program, and, in that sense, no different from, for example, programs offered

in literature or physics.

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Author Biography

George Heitmann

George Heitmann is Professor Emeritus of Management Science at Penn State (University Park). From 1989 to 1994, he served as Director of International Programs at the Smeal College of Business Administration. He chaired the University Committee on Education Abroad, and for many years was the Smeal College representative to the University International Council. He is currently Professor of Economics at Muhlenberg College. From 1994 to 2004, he served as Director and, subsequently, as Dean of International Programs.

References

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Published
2007-12-19
How to Cite
Heitmann, G. (2007). The Opportunity Cost of Study Abroad Programs: An Economics-Based Analysis. Frontiers: The Interdisciplinary Journal of Study Abroad, 15(1), 57-66. https://doi.org/10.36366/frontiers.v15i1.216