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Estimating the financial return on a veterinary education

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  • 1 Economics Division, AVMA, 1931 N Meacham Rd, Schaumburg, IL 60173.
  • | 2 Economics Division, AVMA, 1931 N Meacham Rd, Schaumburg, IL 60173.
  • | 3 Economics Division, AVMA, 1931 N Meacham Rd, Schaumburg, IL 60173.
  • | 4 College of Veterinary Medicine, University of Illinois, Urbana, IL 61802.

Economics is a social science that, among other things, attempts to describe human behavior. An important concept in this regard is utility, which economists define as the total satisfaction received from consuming a good or service. Utility can perhaps be most easily understood as a measure of happiness and consists of a combination of tangible and intangible benefits.

A basic assumption underlying many economic analyses is that people attempt to maximize utility. Consider, for example, an individual who is trying to decide whether to pursue a veterinary degree. The primary tangible benefit of this additional schooling is the increased income

Contributor Notes

This article has not undergone external peer review.

Address correspondence to Dr. Knippenberg (rknippenberg@avma.org).