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Consumer behavior and utility maximization

Consumer Behavior: Maximizing Utility in College Decision Making

Perhaps the first major purchase every college student makes that uses the economic principle of utility maximization is that of selecting a college. Economics is often called the dismal science because it is the study of finitude, in other words, no one has infinite time and money. Resources are scarce (Utility maximization subject to an income restraint,2003, Net-Textbook). The scarcity of time is a critical issue when selecting a college because no one can go to two schools at once, or at least, no one can derive the same value from their undergraduate experience by going to two schools at once, unless they find a very unique program!
The chief determinants of college selection are usually that of value and quality of education. For example, say a college student gets into a state university and a rather mediocre private institution. He or she will likely choose the state college, because it will provide the same quality of education, at a lower cost. However, if the student gets into an Ivy League school that costs as much as the mediocre private institution and more than the state school, the decision becomes more complicated.