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Table A6.1.-Equations for current-fund expenditures per student in full-time-equivalent enrollment and educational and general expenditures per student in full-time-equivalent enrollment in public 4-year institutions, public 2-year institutions, and private 4-year institutions
Dependent Variable Equation R 2 Durbin-Watson statistic1 Estimation tech-nique2 Rho Time period
Current-fund expenditures per student in public 4-year institutions DPUTCUR4 = 263 + 2.28DSTREV1 - 0.002DPUFTE4 - 228DUMMY
                        (5.30)    (2.18)                  (-5.60)                 (-3.37)		 0.661 1.96 OLS   1968-69 to
1995-96
     
Current-fund expenditures per student in public 2-year institution DPUTCUR2 = 35.6 + 2.80DSTREV1 - 0.001DPUFTE2
                       (1.06)      (3.51)                  (-4.26)		 0.649 2.17 OLS   1968-69 to
1995-96
     
Current-fund expenditures per student in private 4-year institution DPRTCUR4 = 449 + 0.32DPCI - 0.009DPRFTE4 - 489.8ININCR
                       (3.99)    (2.42)            (-6.46)                (-5.96)		 0.772 1.91 AR1 0.721
(5.01)		 1968-69 to
1995-96
     
Educational and general expenditures per student in public 4-year institutions DPUED4 = 221 + 1.96DSTREV1 - 0.002DPUFTE4 - 222DUMMY
                   (4.59)   (1.94)                (-6.18)                    (-3.38)		 0.692 1.64 OLS      1968-69 to
1995-96
     
Educational and general expenditures per student in public 2-year institutions DPUED2 = 28.2 + 2.93DSTREV1 - 0.0006DPUFTE2
                   (0.78)     (3.41)                 (-3.30)		 0.576 1.88 OLS     1968-69 to
1995-96
     
Educational and general expenditures per student in private 4-year institutions DPRIED4 = 207.1 + 0.33DPCI - 0.004DPRFTE4 - 4363.3ININCR
                    (1.82)      (1.63)          (-2.17)                  (-3.48)		 0.474 2.26 AR1 0.521
(2.82)		 1968-69 to
1995-96
     
1For an explanation of the Durbin-Watson statistic, see J. Johnston, Econometric Methods, New York: McGraw-Hill, 1972, pages 251-252.
2AR1 indicates an estimation procedure for correcting the problem of first-order autocorrelation. For a general discussion of the problem of autocorrelation, and the method used to forecast in the presence of autocorrelation, see G. Judge, W. Hill, R. Griffiths, H. Lutkepohl, and T. Lee, The Theory and Practice of Econometrics, New York: John Wiley and Sons, 1985, pages 315- 318.
Where:
DPUTCUR4 = Change from the previous year in current-fund expenditures per student in full-time-equivalent (FTE) enrollment in public 4-year institutions in constant dollars
DPUTCUR2 = Change from the previous year in current-fund expenditures per student in FTE enrollment in public 2-year institutions in constant 1982-84 dollars
DPRTCUR4 = Change from the previous year in current-fund expenditures per student in FTE enrollment in private 4-year institutions in constant 1982-84 dollar s
DPUED4 = Change from the previous year in educational and general expenditures per student in FTE enrollment in public 4-year institutions in constant 1982-84 dollars
DPUED2 = Change from the previous year in educational and general expenditures per student in FTE enrollment in public 2-year institutions in constant 1982-84 dollars
DPRIED4 = Change in educational and general expendItures per student in FTE enrollment in private 4-year institutions in constant 1982-84 dollars
DSTREV1 = Change from the previous year in the sum of personal tax and nontax receipts to state and local governments and indirect business taxes and tax accruals,
DSTREV1 = Change from the previous year in the sum of personal tax and nontax receipts to state and local governments and indirect business taxes and tax accruals, excluding property taxes, to state and local governments, per capita, in constant 1982-84 dollars lagged one year
DPCI = Change from the previous year in disposable income per capita in 1992 dollars
DPUFTE4 = Change from the previous year in FTE enrollment in public 4-year institutions in thousands of students
DPUFTE2 = Change from the previous year in FTE enrollment in public 2-year institutions in thousands of students
DPRFTE4 = Change from the previous year in FTE enrollment in private 4-year institutions to the population in thousands of students
DUMMY = Dummy variable equaling 1 when the inflation rate is greater than 8 percent and 0 otherwise
ININCR = Rate of change in the inflation rate measured by the Consumer Price Index

NOTE: R2 indicates the coefficient of determination. Numbers in parentheses are t-statistics.
SOURCE: U.S. Department of Education, National Center for Education Statistics, Higher Education Expenditure Models. (This table was prepared March 2000.)

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