[3] A Study on Costs of Delayed Graduation-with Hye Yoon Chung (in Korean), 
  ​The Journal of Humanities and Social Sciences 21, Jun.2023, 14(3), pp.3703-3718

[Abstract] This study aims to study the costs of delayed graduation. To achieve this, we propose the concept of ‘comprehensive social costs’, consisting of costs at the individual, institutional, and structural levels. Firstly, individual costs refer to the economic burden of consumers in the higher education(students), including the monetary expenses incurred when extending the study period(direct cots), and the opportunity costs surrounding the time and effort spent during said period(indirect costs). Secondly, institutional costs are the various administrative and operational expenses associated with students’ delayed graduation, incurred by the provider of higher education(the university). Lastly, structural costs correspond to the loss of social surplus due to the inefficiencies resulting from delayed graduation which society otherwise would have enjoyed. Our study fills the gap in the literature on how the costs occur and who bears them and provides theoretical background for analyzing costs, which is necessary to formulate effective policies.