I'm sorry in advance that this question is a little bit broad. I'm trying to create on variable to measure the overall prestige of a university. I'm using data on federal obligation, tuition, as well as a rating of the schools selectivity based on ACT scores (this is taken from the carnegie classification database and schools are given a score of 1, 2, or 3 with 1 being least selective and 3 being most selective). I want to combine these variables into one overall prestige rating but in all honesty I'm not sure how. Right now I've broken down the federal obligation and tuition into categories of 1, 2, and 3 (top, middle, bottom third) and just summed the three variables but I don't feel confident that this method is the most accurate. How could I create a better index for prestige?

  • $\begingroup$ What variable do you have that measures "prestige"? If you don't have one, then aren't you just making stuff up? In that case, you are free to define "prestige" as any combination of the variables you like. $\endgroup$ – whuber Oct 9 at 14:19

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