William Duncombe (Professor of Public Administration, and Senior Research Associate, Center for Policy Research, The Maxwell School, Syracuse University). Center for Policy Research. 01/2002. p. 126.
ABSTRACT: The objective of this study is to develop estimates of the costs of financing the achievement of higher standards. The key tools employed to estimate the cost of adequacy are education cost functions and cost of education indexes. The cost function approach uses statistical methods to extract from actual data the relationship between characteristics of students, the cost of living in an area, and the spending required to meet different performance standards. As long as recent history is a good predictor of the near future, the cost function approach should provide reasonably accurate estimates of the cost of adequacy.