> How do your theories explain their costs being so much lower than what the market would bear? All those schools could surely fill their seats entirely if the

> How do your theories explain their costs being so much lower than what the market would bear? All those schools could surely fill their seats entirely if they doubled price tomorrow. But there would be a social backlash. They still consistently raise prices faster than inflation. How many of Stanford's class of 2018 qualifies for that free room-and-board because the families are in the bottom half of families? Since financial aid is just price-discrimination, Stanford isn't leaving that much money on the table.