Author(s)

Wenxiao Liu ¹, Qun Chen ²

Affiliation(s)

¹ School of Education Science, Jiangsu Normal University, Xuzhou, 221116, China
² Shanghai Educational Technology Center, Shanghai, 200086, China

Corresponding Author

Wenxiao Liu

ABSTRACT

The existing studies on this particular market transaction have been conducted mainly under the traditional economic analysis paradigm, with the basic hypothesis of rational man and complete information, which does not correspond to reality and therefore encounters difficulties in explaining some of the problems. This basic hypothesis has led researchers to ignore the important role of information factors in individual choices in higher education. The study reconstructed individual choosing model of higher education that based on literature review. The model selects the demand of higher education and the motivations as the logical starting point to build a comprehensive multi-dimensional model. It puts individual choosing of higher education as a behavior process composed of several continuous decision-making problems. It integrated individual factors, family factors, economic factors, social factors, cultural factors and so on .Revisiting the issue of individual choice in higher education through the hypothesis of "incomplete information" in information economics as the theoretical background can not only provide a new perspective for the study of the relationship between supply and demand in higher education but also broaden the application scope of information economics theory.

KEYWORDS

Individual choice in higher education, incomplete information, education investment decision

CITE THIS PAPER

Wenxiao Liu, Qun Chen, Models of Individual Choice in Higher Education from the Perspective of Incomplete Information. Adult and Higher Education (2023) Vol. 5: 86-96. DOI: http://dx.doi.org/10.23977/aduhe.2023.050113.

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