What is the value of an education? Volume 4 of the Handbooks in the Economics of Education combines recent data with new methodologies to examine this and related questions from diverse perspectives. School choice and school competition, educator incentives, the college premium, and other considerations help make sense of the investments and returns associated with education. Volume editors Eric A. Hanushek (Stanford), Stephen Machin (University College London) and Ludger Woessmann (Ifo Institute for Economic Research, Munich) draw clear lines between newly emerging research on the economics of education and prior work. In conjunction with Volume 3, they measure our current understanding of educational acquisition and its economic and social effects. Reflections on the Economics of Education Gary S. Becker Chapter 1: Personality, Psychology, and Economics Mathilde Almlund, Angela L. Duckworth, James Heckman, Tim Kautz Chapter 2: Non-Production Benefits of Education: Crime, Health, and Good Citizenship Lance Lochner Chapter 3: Overeducation and Mismatch in the Labor Market Edwin Leuven, Hessel Oosterbeek Chapter 4: Migration and Education Christian Dustmann, Albrecht Glitz Chapter 5: Inequality, Human Capital Formation and the Process of Development Oded Galor Chapter 6: The Design of Performance Pay in Education Derek Neal Chapter 7: Educational Vouchers in International Contexts Eric Bettinger Chapter 8: Dropouts and Diplomas: The Divergence in Collegiate Outcomes John Bound, Sarah E. Turner Chapter 9: The Political Economy of Education Funding Gerhard Glomm, B. Ravikumar, Ioana C. Schiopu