Simulations of Optimal Human Capital and Total Factor Productivity in Universities
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Tarih
2023
Yazarlar
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Yayıncı
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
In this paper, we develop models of university capital in disaggregated and aggregated forms and simulate the trajectories of human/ non-human capital and total factor productivity in universities. The capital employed by a representative university is decomposed into two composite human capital and non-human capital dimensions, each of which is further disaggregated into some sub-dimensions. We first present a sketch of a disaggregated model for illustrative purposes and then develop an aggregated model for the simulation of the key variables in the system. We incorporate an investment support (subsidy) parameter into the model, the optimal value of which is computationally determined. Based on the optimal value of this decision variable, the trajectories of human/non-human capital and total factor productivity are obtained. Though the exercise constructed in the paper is a particular or limited one, the model is highly suitable for generalized exercises with multiple decision variables and multidimensional objective functions capturing a rich variety of different possibilities in real life. The optimality and simulation exercises of this kind could help the university managers to design optimal decision systems to achieve the university objectives in a best possible manner in dynamic settings.
Açıklama
Anahtar Kelimeler
Universities, Optimal capital, total factor productivity, simulations.
Kaynak
Yükseköğretim ve Bilim Dergisi
WoS Q Değeri
Scopus Q Değeri
Cilt
13
Sayı
1
