ALTERNATIVE APPROACHES TO EFFICIENCY EVALUATION OF HIGHER EDUCATION INSTITUTIONS

Evaluation of efficiency and ranking of higher education institutions is very popular and important topic of public policy. The assessment of the quality of higher education institutions can stimulate positive changes in higher education. In this study we focus on assessment and ranking of Slovak economic faculties. We try to apply two different quantitative approaches for evaluation Slovak economic faculties - Stochastic Frontier Analysis (SFA) as an econometric approach and PROMETHEE II as multicriteria decision making method. Via SFA we examine faculties’ success from scientific point of view, i.e. their success in area of publications and citations. Next part of analysis deals with assessing of Slovak economic sciences faculties from overall point of view through the multicriteria decision making method. In the analysis we employ panel data covering 11 economic faculties observed over the period of 5 years. Our main aim is to point out other quantitative approaches to efficiency estimation of higher education institutions.