RETURNS ON PRIVATE INVESTMENT IN EDUCATION AND FAIR TUITION FEES ESTIMATES: THE CASE OF THE CZECH REPUBLIC

The paper is focused on approaches to the measurement of the returns of private investments on human capital in the Czech Republic. In the last ten years, there is observed a significant increase in the number of students at Higher Education Institutions (HEIs) and an increasing number of HEIs graduates is also expected in the Czech Republic in forthcoming years. Using data from the research project "REFLEX", from the Czech Statistical Office and from EUROSTUDENT IV survey, the paper provides the methodology and the experimental computations of the rates of return on private investment in the tertiary education broken down by study fields. The main aim of this paper is to estimate fair tuition fees differenced by study fields.