[Perdogg]

Because college is what economist call a snob good. When the price goes up, so does the quantity demanded.

[Zakeet]

College is what economist call a snob good. When the price goes up, so does the quantity demanded.

In marketing, this phenomenon is known as the price-quality illusion. The more expensive brand just has to be better because nobody would pay more for it if it weren't.

Examples of this abound, particularly in consumer goods where quality is subjective (e.g. cosmetics, foodstuffs, beverages, clothing, stereo equipment, gasoline, etc.). Education is no different.