Abstract: Click to increase image sizeClick to decrease image size Additional informationNotes on contributorsGordon C. WinstonGordon C. Winston is professor and chair of the Economics Department at Williams College. He was provost of the College from 1988 to 1990. The Andrew W. Mellon Foundation supported the work that lies behind this paper, through its generous support of the Williams Project on the Economics of Higher Education. An early version was presented at the Stanford Forum in Aspen in October 1996 and it came away much improved. Comments and encouragement came, too, from Frank Oakley, Hank Payne, Sarah Turner, Larry Litten, Jim Kolesar, Jo Procter, Ethan Lewis, Dave Breneman, Dick Chait, John Chandler, James Shulman, Bill Massy, Joel Myerson, Morty Shapiro, and Mel Elfin.