"If this stands, you will destroy the value of institutions where the government is an owner," said Orin Kramer, who runs a hedge fund and helps oversee the New Jersey pension plan.
In many ways, Shapiro could be said to represent the position women's colleges now find themselves in: caught between wanting to embrace a campus minority that their own interrogation of gender roles has helped to shape and defending the value of institutions centered on the distinct experience of being female.
The economic value of institutions is highlighted by the case of wildlife in East Africa.
2. Don't underestimate the value of institutions - Does the University of the Future contain walls or is it flat?
With online learning taking hold, many people question the value of a brick and mortar institution today, but Davis thinks Georgetown's president, John DeGioia says it best when he talks about the value of institutions today being centered around three things: the formation of human beings, the ability to really explore life's most important questions and doing it for the common good.
If we were to take this notion to the extreme, we would discount the value of community colleges, where graduation rates are low for various understandable reasons, or discount the value of institutions that take in marginal students and find a way to bring many of them to successful outcomes.
One message from our study is that the diagnostic value of institution-level outcome data is critically dependent on the preventability index as demonstrated in figure 1.
And talking of money, how can vice-chancellors balance their books in the months and years ahead without compromising the core values of their institutions?
An individual human agent is simply the repository of the roles and values of the institutions in which the 'agent' lives his or her life.
However, interactions between average values of these institutions and shocks, now captured by time dummies, do not add materially to the explanation of changes in unemployment.
