When it comes to colleges, many fall for the “Chivas Regal Effect” -- namely, that the more expensive it is, the better it must be.

Major in economics in college, and you’ll likely hear the story about Chivas Regal, a brand that was struggling back in the seventies and hired a consultant to diagnose its ills.

The out-of-pocket expense of attending a very good university often compares very favorably with the cost of attending a relatively middling institution.