PRIVATE INVESTMENTS IN HUMAN CAPITAL: THE PROBLEM OF EFFICIENCY VALUATION

The global economic crisis has made topical the question of financial resources structure for higher education (HE). At the present time, Russian HE is highly commercialized, and a half of all resources are private. It testifies that this sphere is poorly financed by the state and HE must be an investment sphere in Russia by law. But now it remains "a black hole". There is no basic model for the economic efficiency valuation and investments diversification in Russian HE. So it is highly important for Russia to study the opportunity of applying Cost Sharing Conception, which shows the necessity of advantageous usage of private financial resources for HE more than of state ones. According to this conception there are possibilities for the cost sharing proportionally to an expected profit from the investments for public or private investor. The investigation is to value numerically the economics efficiency of private investments in HE and take into account time's factor. The results can be regarded as a theoretical basis for developing and introducing the Cost Sharing Concept in Russia.