This study was concerned with the optimum allocation of public resources in education, and involved a comparison between vocational-technical education and an alternative curriculum for non-college attending students. Major steps in the study were: (1) identification of costs and benefits, (2) collection of representative data, (3) determination of appropriate criteria for investment decisions, (4) statistical analysis, (5) calculation of the return to the investment, and (6) consideration of limitations and related issues. Data were collected in three cities. The dependent variables were the average monthly earnings before and after taxes 1 and 6-years after graduation, and the percent of time employed 1 and 6-years after graduation. The independent variables were (1) city of graduation, (2) type of curriculum, (3) sex, (4) IQ, (5) race, (6) marital status, and (7) father's education. Other non-monetary and non-economic benefits and performance characteristics such as voting behavior and economic aspirations were also examined. A detailed discussion of conceptual, statistical, and methodological considerations is included, in addition to an extensive discussion of specific findings. (EM)