Robert M. Costrell, Ph.D. | UARK – DEPARTMENT OF EDUCATION REFORM

201 Graduate Education Building

College of Education and Health Professions

Fayetteville, AR 72701

Phone: (479) 575-5332

Robert M. Costrell is Professor of Education Reform and Economics and holds the Endowed Chair in Education Accountability at the University of Arkansas. His recent research topics include teacher pension policy, fiscal impact of school choice, and methodologies for school funding estimation. He is also an expert in standards-based reform. Professor Costrell leads the Department of Education Reform’s Study Abroad Program in Israel.

Professor Costrell has both an academic and policy-making background. His academic career has featured seminal publications on teacher pensions, the economic theory of educational standards, income distribution and testing, and school finance litigation. These have appeared in the American Economic Review, the Journal of Political Economy, the Journal of Public Economics, the Journal of Pension Economics and Finance, and Education Finance and Policy, as well as general interest publications, such as Brookings Papers on Education Policy and Education Next. He has also written commentaries for the Wall Street Journal and Education Week.

From 1999 to 2006, Dr. Costrell served in major policy roles for three governors of Massachusetts, including policy research director and chief economist, with a particular focus on education policy as that state’s landmark reforms were implemented. As education advisor to Governor Mitt Romney, he helped develop the governor’s comprehensive proposal for a second round of education reform in 2005, and also led the reforms of the state’s district and charter funding formulas. In 2003, Dr. Costrell’s extensive expert testimony in Massachusetts’ school finance case (Hancock v. Driscoll) proved critical to the successful defense of that state’s education reform program. He represented the administration on the Public Employee Retirement Administration Commission (2001-03) and the Massachusetts School Building Authority (2005-06).

Dr. Costrell has served on the U.S. Department of Education’s Advisory Council on Education Statistics, appointed by Secretary Paige (2001-02) and the National Technical Advisory Council for NCLB (2008-09), appointed by Secretary Spellings. He was Fellow in Education Reform of the George W. Bush Institute at Southern Methodist University in Dallas (2011-13). He has provided expert witness testimony in school finance cases in Missouri and Washington, and also aided the New York Attorney General’s Office.

Professor Costrell joined the faculty at the University of Arkansas in August 2006, and was the founding graduate director of the Ph.D. program in Education Policy. Professor Costrell was a professor of economics at the University of Massachusetts in Amherst, from 1978 to 2000. He received his B.A. in economics from the University of Michigan in 1972 and his Ph.D. in economics from Harvard University in 1978.

Selected Works and News Features

Costrell, Robert M., September 11, 2018, “Arkansas Teacher Retirement Plan: Risks, Redistribution & Remedies,” Testimony to Arkansas Legislature, Joint Committee on Public Retirement. (agenda, video, slides)
Costrell, Robert M., 2018, “Cross-Subsidization of Teacher Pension Costs: The Impact of the Discount Rate,” Journal of Pension Economics and Finance, forthcoming.
Costrell, Robert M. and Dillon Fuchsman, 2018. “Policy Brief: Distribution of Teacher Pension Benefits in Massachusetts: An Idiosyncratic System of Cross-Subsidies.”
Costrell, Robert M., 2018. “Policy Brief: Distribution of Teacher Pension Benefits in California: A Vast System of Cross-Subsidies.”
Costrell, Robert M. and Josh McGee, 2017, “Cross-Subsidization of Teacher Pension Costs: The Impact of Assumed Market Returns,” prepared for APPAM Fall Research Conference.
Costrell, Robert M. and Josh McGee, 2017, “Cross-Subsidization of Teacher Pension Costs: The Case of California,” Education Finance and Policy, forthcoming. Version of record online, 16 November, 2017.
Costrell, Robert M., 2016, “Accounting for the Rise in Unfunded Public Pension Liabilities: Faulty Counterfactuals and the Allure of Simple Gain/Loss Summations,” Journal of Pension Economics and Finance, January 2018 (vol. 17, no. 1), pp. 23-45. Version of record online 3 October, 2016.
Costrell, Robert M., 2016, “The 80 Percent Pension Funding Target, High Assumed Returns, and Generational Inequity,” Contemporary Economic Policy. Version of record online 7 October, 2016.
Costrell, Robert M., 2015, “Collective Bargaining and District Costs for Teacher Health Insurance,” Journal of School Choice, 9(4), 578-603.
Costrell, Robert M., 2015, “School Pension Costs Have Doubled over the Last Decade, Now Top $1,000 Per Pupil Nationally.”
Costrell, Robert M., 2015, “Why Did the Costs of Connecticut Teachers’ Pensions Rise So Much?” Paper presented at AEFP 40th Annual Conference. Washington, DC.
Costrell, Robert M., 2015, “District Costs for Teacher Health Insurance: An Examination of the Data from the BLS and Wisconsin,” The Bush Institute.
Costrell, Robert M., 2014, “Teacher Pension Enhancement in Missouri, 1975 to the present,” Show-Me Institute.
Costrell, Robert M. and Michael Podgursky, 2013, “Teacher Pension Costs: High, Rising, and Out of Control.”
Costrell, Robert M. and Larry Maloney, 2013, “The Big Squeeze: Retirement Costs and School District Budgets.”
- “Paying the Pension Price in Philadelphia.”
- “Milwaukee: Saved by Act 10 … For Now.”
- “Ohio Pension Reform in Cleveland: New Teachers Beware”
Costrell, Robert M. and Jeffery Dean, “The Rising Cost of Teachers’ Health Care,” Education Next, Spring 2013.
UA Professor on Romney Advisory Team. Arkansas Democrat Gazette, June 11th 2012.
Costrell, Robert M. 2012, May. “GASB Won’t Let Me”: A False Objection to Pension Reform.
- Policy Perspective Published by The Laura and John Arnold Foundation
  - Cavanaugh MacDonald Response to Costrell
  - Costrell reply to Cavanaugh MacDonald
- Op. Ed. GASB Won’t Let Me: A False Objection to Public Pension Reform
Costrell, Robert M. “Interview with Dr. Robert Costrell on Public Employee Unions,” Common Good, December 14, 2011.
Costrell, Robert M. “Collective Bargaining Weakens Cities,” Wall Street Journal, November 23, 2011.
Costrell, Robert M. “Comments on Biggs and Richwine, “Are Public School Teachers Overpaid?,” American Enterprise Institute, November, 2011.
Costrell, Robert M. and Michael Podgursky. 2011. “Fixing Teacher Pensions,” Education Next, Fall, Vol. 11, No 4.
Costrell, Robert M. and Michael Podgursky. 2011. “Educator Pension Systems Ripe for Reform,” Education Week Commentary, April 20, pages 30-31.
Costrell, Robert M. and Michael Podgursky. 2011. “A Modest Proposal for Pension Reform,” Education Next, March 2011.
Costrell, Robert M. and Michael Podgursky. 2011. “Reforming K-12 Educator Pensions: A Labor Market Perspective.” TIAA-CREF Institute Policy Brief, February.
Costrell, Robert M. 2011. “Oh, To Be a Teacher in Wisconsin.” The Wall Street Journal, February 25.
Costrell, Robert M. 2010. “The Fiscal Impact of the Milwaukee Parental Choice Program: 2010-2011 Update and Policy Options.” School Choice Demonstration Project Milwaukee Evaluation Report #22, December.
Costrell, Robert M. and Michael Podgursky. 2010. Guest editors, “Education Finance and Policy, Special Issue: Rethinking Teacher Retirement Benefit Systems.”MIT Press.
- Costrell, Robert M. and Michael Podgursky. 2010. “Introduction to ‘Rethinking Teacher Retirement Systems’.” Education Finance and Policy, Fall.
- Costrell, Robert M. and Joshua McGee. 2010. “Teacher Pension Incentives, Retirement Behavior, and Potential for Reform in Arkansas.” Education Finance and Policy, Fall.
- Costrell, Robert M. and Michael Podgursky. 2010. “Distribution of Benefits in Teacher Retirement Systems and Their Implications for Mobility.” Education Finance and Policy, Fall.
Costrell, Robert M. and Michael Podgursky. 2010. “Golden Handcuffs: Teachers who change jobs or move pay a high price.”Education Next, Winter
- Video interview
- Podcast
- Press Release
- Reply to National Institute for Retirement Security, “Yes, We Have No Bananas.”
Costrell, Robert M. and Michael Podgursky. 2009. “Conference: Educator Staffing, Quality, and Teacher Retirement Benefit Systems Conference Highlights,” Edvance Research, Southwest Regional Education Lab.
Costrell, Robert M. with Richard W. Johnson and Michael Podgursky. 2009. “Modernizing Teacher Retirement Benefit Systems,” in Creating a New Teaching Profession, edited by Dan Goldhaber and Jane Hannaway, Urban Institute Press, Washington, DC, Chapter 10.
Costrell, Robert M. and Michael Podgursky. 2009. “Teacher Pension Reform: A Way Out of the Impasse.” Education Next, November 11.
Michael Podgursky and Robert M. Costrell. 2009. “Making Mountains out of Molehills? Let the Reader Decide.” A reply to EPI, October 1.
Janet S. Hansen, Michael J. Podgursky, and Robert M. Costrell. 2009. “Teacher Retirement Systems: Research Findings.” National Center on Performance Incentives, Research Brief, July.
Costrell, Robert M. 2009. “Bob Costrell jumps into the “Massachusetts Miracle debate,” Education Gadfly, Thomas B. Fordham Institute, May 22, 2009.
Costrell, Robert M. and Michael Podgursky. 2009. “Peaks, Cliffs, and Valleys: The Peculiar Incentives in Teacher Retirement Systems and Their Consequences for School Staffing.” Education Finance and Policy, Spring.
Costrell, Robert M. 2009. “The Fiscal Impact of the Milwaukee Parental Choice Program: 2009 Update.” School Choice Demonstration Project Milwaukee Evaluation Report #7, March.
Costrell, Robert M. and Michael Podgursky. 2009. “Teacher Retirement Benefits.”Education Next, Spring.
- unabridged version
- Updated Chart. Employer Contributions for Retirement Benefits: Public School Teachers and Private-Sector Managers and Professionals, March 2004-present
Costrell, Robert M. 2009. “Who Gains, Who Loses? The Fiscal Impact of the Milwaukee Parental Choice Program.” Education Next, Winter.
Costrell, Robert M., Eric Hanushek and Susanna Loeb. 2008. “What Do Cost Functions Tell Us About the Cost of an Adequate Education?” Peabody Journal of Education, April.
Costrell, Robert M. 2008. “The Fiscal Impact of the Milwaukee Parental Choice Program in Milwaukee and Wisconsin, 1993-2008,” School Choice Demonstration Project Milwaukee Evaluation Report #2, February.
Costrell, Robert M. and Michael Podgursky. 2008. “Peaks, Cliffs, and Valleys.” Education Next, Winter.
Costrell, Robert M. and Michael J. Podgursky. 2007. “Golden Peaks and Perilous Cliffs: Rethinking Ohio’s Teacher Pension System.” Thomas B. Fordham Institute, June.
- “STRS Ohio Response to Costrell and Podgursky,” June 2007.
- “Costrell and Podgursky Response to STRS Ohio,” August 2007.
Costrell, Robert M. and Michael J. Podgursky. 2007. “Efficiency and Equity in the Time Pattern of Teacher Pension Benefits: An Analysis of Four State Systems.” The Urban Institute: Center for Analysis of Longitudinal Data in Education Research (CALDER), Working Paper #6.
Costrell, Robert M. 2007. “The Winning Defense in Massachusetts.” In School Money Trials: The Legal Pursuit of Education Adequacy, eds. Martin R. West and Paul E. Peterson, pp. 278-304. Washington, DC: Brookings Institute Press.
Costrell, Robert M. 2005. “Comment on ‘Test-Based Accountability: The Promise and the Perils.'” in Brookings Papers on Education Policy 2005, edited by Diane Ravitch, Brookings Institution, Washington, D.C., pp. 27-37.
Costrell, Robert M. 2005. “Equity v. Equity: Why Education Week and Education Trust Don’t Agree.”Education Next, Summer.
- unabridged version
Costrell, Robert M. 2004. “Wrong Answer on School Finances.” CommonWealth, Fall, 2004.
Costrell, Robert M. 2004. “School Performance Isn’t Just about Spending.” Boston Globe, October 4, 2004.
Costrell, Robert M. and Glenn C. Loury. 2004. “Distribution of Ability and Earnings in a Hierarchical Job Assignment Model.” Journal of Political Economy, December.
Costrell, Robert M. and James Peyser. 2004. “No Money Left Behind: Exploring the Costs of Accountability.”Education Next, Spring.
- unabridged version
Betts, Julian R. and Robert M. Costrell. 2001. “Incentives and Equity Under Standards-Based Reform.” In Brookings Papers on Education Policy 2001, edited by Diane Ravitch, Brookings Institution, Washington, D.C., pp. 9-55, 66-73.
Costrell, Robert M. 2000. “Discipline-Based Economics Standards: Opportunity and Obstacles.” In What’s at Stake in the K-12 Standards Wars, edited by Sandra Stotsky, Peter Lang Publishing, New York, Chapter 8.
Costrell, Robert M. 1997, “A New Speech Code Proposed at the University of Massachusetts,” in The New Populist Reader, Karl G. Trautman (ed.), Praeger, Westport, CT, pp. 101-105.
Costrell, Robert M. 1997. “Can centralized educational standards raise welfare?” Journal of Public Economics. (Corrigenda here)
Costrell, Robert M. 1994. “A Simple Model of Educational Standards.” American Economic Review, September.
Costrell, Robert M. 1994. “Accounting for the Causes and Consequences of Industrial Employment Shift,” Industrial Relations, 33 (July 1994), 346-364.
Costrell, Robert M. 1993, “An Economic Analysis of College Admission Standards,” Education Economics, 1 (No. 3, 1993), 227-241.
Costrell, Robert M. 1991, “Immiserizing Growth with Semi-Public Goods Under Consistent Conjectures,” Journal of Public Economics, 45 (August 1991), 383-389.
Costrell, Robert M. 1986. “Interest, Profits, and Suboptimality in a Demand-Constrained Macro Model.” The Economic Journal, Vol. 96, No. 384, pp. 919-941.
Costrell, Robert M. 1986. “Equilibrium and Optimality in a Mean-Variance Model.” The RAND Journal of Economics, Vol. 17, No. 1, pp. 122-132.
Costrell, Robert M. 1984. “Equilibrium Unemployment and Excess Capacity in Steady-State and Growth Cycles.” Economica, New Series, Vol. 51, No. 201, pp. 69-82.
Costrell, Robert M. 1983. “Profitability and Aggregate Investment under Demand Uncertainty.” The Economic Journal, Vol. 93, No. 369, pp. 166-181.
Costrell, Robert M. 1981, “Overhead Labor and the Cyclical Behavior of Productivity and Real Wages,” Journal of Post-Keynesian Economics 4 (Winter 1981-82), 277-290.
Costrell, Robert M. 1981. “Stability of Zero Production Under Life-Cycle Savings.” The Review of Economic Studies, Vol. 48, No. 4, pp. 661-665.

Robert M. Costrell