<p>I like to think of college rankings in terms of an input-output model. How do we measure the inputs (the caliber of the students) and the outputs (the quality of post-graduate outcomes, or the volume of research production)? In between the input and the output, stuff happens. How do we measure that? How would we measure quality of the classroom instructional environment, facilities etc.?</p>
<p>Your model covers the outputs, to some extent, with the WSJ study (which by the way has been strongly challenged on College Confidential). It probably covers research output, implicitly, in the peer assessment scores. It sorta kinda covers inputs in the revealed preferences. It does not seem to cover the “in between”, structural features at all (which I would expose through measurements of average class size and such). </p>
<p>The fact that you manage to come up with nearly the same rankings as USNWR is interesting. I think you are shifting emphasis from undergraduate program quality to metrics more sensitive to graduate program quality and research output. Which may be significant factors in “prestige” perceptions, but to my thinking, perhaps distort the picture for the purpose of rational college choice (depending on what kind of student is making the choice).</p>