Merit rating and formula-based resource allocation

Formula-based allocation schemes are often proposed as a means of making the allocations of public funding more equitable, and more efficient. Unfortunately, these goals may be undermined by imperfect measures of merit. In particular, if the measures are subject to random variation or manipulation,...

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Bibliographic Details
Published inInternational journal of educational management Vol. 14; no. 3; pp. 95 - 100
Main Authors Alho, Juha M, Salo, Mikko A
Format Journal Article
LanguageEnglish
Published Bradford MCB UP Ltd 01.06.2000
Emerald Group Publishing Limited
Subjects
College Students
Colleges & universities
Departments
Education
Efficiency
Funding
Higher education
Merit Rating
Peer Evaluation
Public finance
Public schools
Resource allocation
School finance
Stochastic models
Student Financial Aid
Universities
Finland
Hierarchy
Models
Funding
Universities
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Summary:Formula-based allocation schemes are often proposed as a means of making the allocations of public funding more equitable, and more efficient. Unfortunately, these goals may be undermined by imperfect measures of merit. In particular, if the measures are subject to random variation or manipulation, the formula-based schemes may lead to disincentives and lack of efficiency. Develops a simplified model of a hierarchical allocation system and analyse stochastic models for the most important sources of variation in the system. Practical proposals for limiting the variability are studied and the framework is applied to the Finnish university system.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
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ISSN:0951-354X
1758-6518
DOI:10.1108/09513540010322366