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 people's current understanding of educational acquisition and its economic and social effects. This volume contains: (1) Personality Psychology and Economics (Mathilde Almlund, Angela L. Duckworth, James Heckman, and Tim Kautz); (2) Non-Production Benefits of Education: Crime, Health, and Good Citizenship (Lance Lochner); (3) Overeducation and Mismatch in the Labor Market (Edwin Leuven and Hessel Oosterbeek); (4) Migration and Education (Christian Dustmann and Albrecht Glitz); (5) Inequality, Human Capital Formation and the Process of Development (Oded Galor); (6) The Design of Performance Pay in Education (Derek Neal); (7) Educational Vouchers in International Contexts (Eric Bettinger); (8) Dropouts and Diplomas: The Divergence in Collegiate Outcomes (John Bound and Sarah E. Turner); and (9) The Political Economy of Education Funding (Gerhard Glomm, B. Ravikumar, and Ioana C. Schiopu). [For related reports, see Volume 1 (ED527053), Volume 2 (ED527054), and Volume 3 (ED527055).]