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Tracking Down Textbook Data

May 7, 2007

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Legislation intended to make textbook pricing and edition-change information accessible to the college faculty who order the material continues to move through state legislatures across the country.

In most cases, the bills pit the State Public Interest Research Groups against individual publishers and the Association of American Publishers. One of the key issues: How readily available do publishers make information on cost, revision history and bundling on their Web sites and promotional material? In other words, can faculty easily discern what their students will eventually pay?

If you listen to the PIRGs, the answer is a clear "no." Publishers engage in practices that confuse professors and colleges, they say, and most faculty report that they cannot easily find all the pertinent information about the material, according to a widely cited report by the Massachusetts PIRG.

"When you survey faculty anecdotally, they all say it's difficult to get pricing information," said Dave Rosenfeld, campus program director with the Student PIRGs. "The problem is just so obvious and the solution, [legislation], is such a no-brainer that there's no argument."

Hold on, says Bruce Hildebrand, executive director for higher education at the Association of American Publishers. Most of the information is right there on the publishers' sites, a few clicks and a few seconds away, he contends. That which is not included on the Web page is available in complimentary copies of a textbook or through individual inquiries with a sales representative.

"The basic premise of these bills is that faculty are lazy or don't care about costs," Hildebrand said. "That's not true. They are good at looking at options. It's all about what they want for students. If a book is too expensive, buy a cheaper one."

The debate has carried on in Minnesota, with one major difference: the student advocacy voice comes not from PIRG, which has drafted model legislation that has shaped many of the bills under consideration or already passed.

“The real crux is that faculty are rarely told how much it’s going to cost students. We want more disclosure,” said Graeme Allen, director of university and government relations at the Minnesota State University Student Association, one of two student advocacy groups pushing the legislation. (The other is the Minnesota State College Student Association).

After a good deal of wrangling over language and provisions in the bill, a higher education conference committee of both House and Senate lawmakers adopted final language last week (it must still be passed by the full House and Senate, and signed by the governor). The “Textbook Disclosure, Pricing and Access Act” says that starting in 2009, any publisher that sells or distributes course material for use in a Minnesota institution must make readily available to faculty, bookstores and institutions:

  • The title, edition, author and ISBN
  • The undiscounted price at which the course materials are available to the bookstore
  • Formats, including bundled or unbundled, in which those materials are offered and the undiscounted prices of the components, both sold separately or packaged together
  • Summary of revisions between current and previous editions
  • The return policy for course material, including penalties

The bill states that publishers must make all bundled material available to bookstores and colleges in an unbundled form – or provide information if unbundled material isn’t available. It calls on colleges to report back next year on how they are helping to promote more disclosure, and asks faculty members to post more information about what books are required in their courses.

“It’s a really good starting point, but it wasn’t as far as we’d like it to go,” said Scott Formo, student board chair of the Minnesota State College Student Association. Formo said the bill's authors, wary of going too far to meddle in publisher practices, avoided being overly prescriptive.

Hildebrand said he supports disclosure but not legislation that regulates how private companies operate. “These are competing companies that design their own sites based on what’s best to get the information to faculty,” he told Inside Higher Ed last month. “There’s a point at which you can’t dictate this unless you are ready to dictate any free enterprise that does business with a state or a college.”

(The bill also mentions that “nothing in this section shall be construed to limit any existing academic freedom or rights of faculty members to determine the most appropriate course material for the courses they teach.”)

Allen, the student association director, said it often takes professors in Minnesota too long to get pertinent information about the textbooks they select. A search of six titles used in large courses at the University of Minnesota Twin Cities and Duluth, and Century College showed that some of the basic information requested in the transparency bill — title, edition, author, ISBN, base price — is clearly displayed by publishers.

For instance, it took fewer than five clicks to find the basics of a popular biology textbook by Addison Wesley/Benjamin Cummings and an economics textbook published by McGraw-Hill. But that’s not the case for some of the more sensitive items being sought in the bill. Finding information about whether additional bundled material is included is a bit more difficult, sometimes requiring a Web searcher to read detailed descriptions of the product. Some of the publishers included separate costs for the bundled items.

Hildebrand said summaries of revisions are typically found within copies of textbooks sent to faculty members, and that the easiest indicator is the number of copyright dates posted in the back. None of the publisher sites viewed had easy-to-find lists of different editions and prices, but Hildebrand said that shouldn’t be surprising. “You don’t see Ford posting prices of their past models when they’re selling a new car,” he said.

The best way to find past prices and market values, he said, is through search engines and Amazon.com. A Google search of an ISBN number of a book leads to detailed listings of edition choices and prices. A smaller publisher whose marketing book is used in a Century College class displays prominently on its Web site ways to contact sales representatives for more specific information.

“If you’re selling this product and making information available to some faculty, why are you against codifying it? We’re trying to standardize the process,” Allen said, adding that students should be able to know if they are going to purchase a product that will be revised the next year.

Said Hildebrand: “Companies are looking to get a competitive edge and aren’t keen about throwing out too much information to tip their competitors to future plans.”

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Comments on Tracking Down Textbook Data

  • Posted by Kaitlyn , Sociology professor on May 7, 2007 at 6:35am EDT
  • Of course, there is one other factor in this -- will bookstores be required to tell faculty (and students too) their mark up on texts? I can order what I think is a reasonably-priced text (say in the $30s) only to have students paying $55 or more for it. Our bookstore is supposed to be 'not for profit' yet frequently charges 45-70% mark up on textbooks.

  • Post 'cost of regulation?'
  • Posted by Buzz on May 7, 2007 at 7:40am EDT
  • " .. The “Textbook Disclosure, Pricing and Access Act” says that starting in 2009, any publisher .."

    .. should be able to post, on its textbooks, what it estimates are the costs of meeting this new regulation.

    Will it be like Sarbanes-Oxley and add 3% to the gross? Or more?

    For that matter -- why not have textbooks sold from government warehouses? With service similar to a Chicago post office? My, wouldn't that be an improvement!

    At a time when ever France is turning away from socialist isolationism -- Minnesota's newly Democrat-controlled legislature shows its stunning, contrary ways. Great.

    Here's a tip: during a short, painful and impoverished experience in PhD social sciences, I NEVER bought textbooks.

    I used the Web to find related summaries. Less costly -- and faster. And better service than a post office.

  • Didn't Use Textbooks?
  • Posted by Diogenes , Indeed! on May 7, 2007 at 8:45am EDT
  • I believe you Buzz. Indeed, it appears that you skipped your class readings. Your political conclusions prove it. Thanks for being the rare, honest, Neocon!

    Diogenes

  • Oh, puhleez....
  • Posted by subterraneanne on May 7, 2007 at 8:50am EDT
  • It is very interesting that the article does not mention college bookstores, who are happy to track down and provide profs the likely retail price prior to adoption. Publishers like to give professors the net price so that their materials appear less expensive, and that sets the bookstore up for the sort of bullshit misinformation promulgated here by kaitlyn. Kaitlyn, I hope your academic research is more thorough than you research into textbook pricing. If your store is a contract store, that markup is usualy set by the contract--i.e., the institution. Institutional stores are under similar pressure. College stores make money on licensed apparel and used textbooks.

    OK, off my soapbox.

  • publishers' own fault
  • Posted by Dave S. , Assoc. Prof at Land Grant U on May 7, 2007 at 9:00am EDT
  • As Shakespeare said, these publishers are hoist on their own petard. I have here in my hand a current HMCO history catalog (the one with cool rocks on a beach), filled with current US, world, and western civ texts. None of them have prices. On p. 25, a low-feature version of a text is described as "low-cost," but neither its price nor the price of the full-cost version are given.

    If publishers are so eager to make their prices available to professors and students, they might start with including those prices _in their own catalogs_.

  • Posted by Mick Doxey , DIr of Business Services at Grand Valley State University on May 7, 2007 at 9:15am EDT
  • Kaitlyn -

    Who runs your bookstore? We self operate a a very successful bookstore and our mark up on testbooks is 25% in general. However on high volume classes usually Freshman level we have reduced our margin to 20% to help save money for our students.

    Additionally the more efficiently you can manage the used textbook segment the better for the student.

  • Exaggerated Bookstore Margins
  • Posted by Rich , Manager, Retail Services on May 7, 2007 at 9:25am EDT
  • Kaitlyn, I am sure that most college stores would be happy to tell you the selling price of a textbook if asked. Many also post this information on a web site once the textbook is adopted for class. The mark-up for bookstores stated in your post is a bit of an exaggeration. This might be true in a typical trade bookstore like Borders or Barnes and Noble, but not in a college bookstore. College bookstores operate on an average margin of 25% for new textbooks and 33% for used textbooks (translates into 33% to 50% markup). Most of this is used to pay for operating expenses, which leaves about 5% "profit" that is usually used to support other college functions if the store is institutionally run.

  • Posted by Teacher , Economics 101 on May 7, 2007 at 9:35am EDT
  • If publishers must do more, it will cost them a little more to operate, so they will need to make that up. Perhaps they will add a few cents to yhe price of each book. Or perhaps they will pay low-level employees a little less, so that when those employees attand their night classes at the local college, they will be less able to afford the books.

  • Recall Mencken
  • Posted by Buzz on May 7, 2007 at 9:45am EDT
  • " .. Indeed, it appears that you skipped your class readings ..

    Yeah -- after I remembered what H.L. Mencken said: alleged intellectuals can "say the same stupid thing -- twice."

    Congratulations on learning how to ape Al Franken, Howard Dean, Michael Moore, et al., say. You're a regular Einstein, with such a wonderful future.

  • Amazin' approach
  • Posted by Walter Lowe on May 7, 2007 at 9:55am EDT
  • Usually I can get a good ballpark figure by checking on Amazon.com (which is where I purchase used copies for my daughter who is taking college classes while still in high school in our local "Running Start" program.) It's only the "custom" versions ordered by specific instructors for their own classes that I am forced into buying at our college bookstore.

  • textbook markets
  • Posted by Susan Feiner , professor of economics and women's studies on May 7, 2007 at 10:55am EDT
  • In the comments to date no one has questioned the reality of "competition" in textbook markets.

    If there are more than a half dozen textbook publishers (who are really independent of each other: McGraw Hill owns Prentice Hall) I will be very surprised indeed.

    In this situation, where a handful of major firms compete for market share (oligopoly is eco-speak for this characteristic of industries ... in fact most industries today) there is tacit price collusion.

    No one wants a price war. So the large firms take turns acting as price leaders. The price leader picks a wholesale price for say chemistry texts, and then the other firms follow suit. This ensures that as a whole the group will be at or near target rates of profit (which are set by choosing the wholesale markup).

    In the field of economics, the differences between textbooks are so slight as to be insignificant. Like the difference between Crest and Colgate or Ivory and Dove. It is hype, advertising and packaging.

    Professors concerned with learning should just dump textbooks and go back to "real books." Not only is this cheaper, the real books tend to be far more interesting, they help students learn to read at a much higher level, and surprise surprise, student writing will improve.

  • Buzz LightYearsBehind
  • Posted by Diogenes , Buzz's Future? on May 7, 2007 at 11:25am EDT
  • I have a future. A very bright one. Sorry about yours. But keep trying, Buzz. Eventually someone will take your right wing hate bait and mindless propaganda seriously: that small minority of perpetual enraged high blood pressure cases that are just like you! Study French politics and history lately? I doubt it. Parrot Rush or Mike Savage with the French Conservative blitz nonsense they've been spamming everywhere today? Obviously!

    To to get on topic, publishers have long fleeced students with minor page number revisions or new picture placements and called it a "new edition." Most too-busy instructors simply order the newest edition so students can get the best resale value. But often I'll request a cheaper next-to-last editions for students to use in some of my courses, or allow them to use older editions and have a grad student or just take the time myself to pick through the changes and list them for the students who use the older edition. Its not like the courses I teach require new soft ware ever year. Students appreciate this because it often shows in class evaluations (and yes when a grad student does the work she/he does get paid for it and his work is attributed).

    So you see Buzz, there are alternatives to being ripped off by the publishers or remaining ignorant like yourself. But you know that already. The right wing propagandist always knows the truth...and suppresses it.

  • Wow...the voice of reason prevails!
  • Posted by subterraneanne on May 7, 2007 at 12:05pm EDT
  • Glad to read so many knowledgeable responses, in addition to the usual knee-jerk stuff. Let me add one more thing to my previous comment: The cost of marketing course materials to instructors is part of the problem. That includes promising test banks (so the instructor doesn't have to develop his/her own test), instructor's manuals (which help with lesson planning) and all sorts of peripheral materials that make pulling lectures together easier.

    And bundles are usually NOT the fabulous deal publishers' sales reps say they are. If your students don't use every ocmponent in that bundle, it negates the alleged price break. The real motive to selling bundles is to kill the used book market, which saves students millions of dollars each year.

  • responding...
  • Posted by Erik on May 7, 2007 at 12:05pm EDT
  • The reason that publishers give net price is that they don't know how much a bookstore will mark it up. They provide the only price they know: the one they charge.

    The difference between textbooks and toothpaste is not marketing. It can be taste, however, and there are differences. There is also a difference between McGraw-Hill and Prentice Hall (who is owned by Pearson).

  • Posted by John , English Dept at OSU on May 7, 2007 at 1:30pm EDT
  • First, a bit of a disclaimer: I'm in English, so with few exceptions every book on the syllabus is required reading. So while I think Buzz's strategy can work in some disciplines (for instance, for undergrad biology I relied more heavily on the course webpage and/or Google than I did the textbook), I don't want to make my students have to rely on Sparknotes.com. And I too am leery of unnecessary government control in this area, since I've never had a problem tracking down approximate costs for books I assign. (And Diogenes, I'd think you'd be in favor of flauting required reading lists-- whatever happened to burning down the Master's house?!)

    That said, I do make a point of emailing everyone on my class roster a while before the quarter starts to give them a textbook list, including ISBNs. Since my current course does not allow me to include textbook info in a course description, I've found this gives my students the best chance of surviving book-buying season with all four limbs intact. My other rule of thumb is to use every book I assign-- something which my undergrad profs did not always do! For instance, my first-year writing students had to buy the new Bedford Handbook for this quarter, but instead of just using it for MLA reference I make it a centerpiece of my lectures and homework assignments.

  • Posted by Colin on May 7, 2007 at 1:55pm EDT
  • I've had the experience Kaitlyn reports at three different institutions: when you ask the bookstore for price you get a runaround, they say they don't know yet, and even if you get them to name a price the one they charge students may be higher. You have no recourse.

    This is not to say all college bookstores are run this way. It's possible that institutions that require their instructors to order through their store have less responsive stores.

    Susan Feiner is also right. We need real books with real text in them, and we'll migrate to free web texts or electronic reserves if publishers won't make them.

  • The campus store supports your institution
  • Posted by subterraneanne on May 7, 2007 at 2:35pm EDT
  • Bookstores aren't giving a "runaround," they do not know the net price until it ships. Publishers are notoriously vague about that. Most will, however, give you a range...and yes, the markup is something around 20-25% on new texts. Not exactly a stellar margin, once operational overhead is accounted for. Also, your campus store has to acquire EVERY course material adopted. Even the no-discount pamphlets. Even the foreign editions. Everything. Unlike the online competition, which cherry-picks the easy stuff.

    Finally, the campus store contributes to your institution, whether it's institutional or contract-managed. So, if you want to give the business to unseen corporate entities hundreds or thousands of miles away, go ahead and tell your students to buy there. But it's idiotic.

  • Posted by Stephen on May 7, 2007 at 5:05pm EDT
  • To reiterate what has been said, most textbook stores only mark up textbooks around 25%. To compare, retail stores will mark up, say, CAT5 cables by 200% or more. Needless to say, textbook stores are not rolling in cash from their textbook sales.

    The problem is that the business practices of the textbook publishers drive the prices up. The used book market means that publishers have to get their money in on the first sale, because after the first year's edition comes out, they won't be able to sell as many copies. From this standpoint, you can't blame the publishers; they're in it to make a profit. However, the way they could counter this is very simple: make the textbooks sufficiently cheap that the buyback value for used books is too small to be worthwhile. Given the choice of getting $25 for a used book versus $5, I'm more likely to hold on to the book if I'm only getting $5. This dries out the supply of used books.

  • Math still doesn't work
  • Posted by Buzz on May 7, 2007 at 5:45pm EDT
  • " .. I have a future. A very bright one. Sorry about yours. But keep trying, Buzz. Eventually someone will take your right wing hate .."

    It sure ain't in finance, Chuckles.

    Even old textbooks cost money. My method cost $0.00 (vs. $1,000.00/year) and met 90% of learning objectives.

    It must be hard, pretending to be God. Well, my God (who worked with Mother Teresa and JPII) says that those who recklessly blather the word "hate" are usually the most hateful of all. You are to be pitied.

  • Posted by Colin on May 7, 2007 at 7:20pm EDT
  • I doubt we can generalize aprioristically across all college bookstores, positively or negatively. I do understand that bookstores often operate under frustrating constraints. But subterraneanne is grudgingly confirming the article's main point, which is that it's quite hard as an instructor to find out what students will actually pay for a book, and the bookstore normally will not commit to a specific price.

    I can get on the phone or 'net and order just about anything, including goods for delivery months from now, and merchants will quote me a price. Nobody says we'll figure out what to charge you when we ship. The reason the new-textbook market is not transparent in this way is that the ultimate buyers have no say.

    Precisely how responsibility for this should be apportioned between publishers, bookstores, instructors, and institutions I don't know. I'm happy to accept that most bookstore managers are well-intentioned and want to do well for students.

  • Posted by Scooby on May 7, 2007 at 7:35pm EDT
  • Still laughing at the discussion about bookstores vs. publishers. Bookstores complain about a mere "25%" margin while they get 100% returns on any NEW books not sold. The first real competition they have ever had to face in the shape of dot-com businesses like half.com, the bookstores want to attack the folks who publish their products for sale. What they are missing out on is that students are voting for half.com for the very reason bookstores want to sell more used books....it makes them more money. A student selling the book on ebay gets much more money than the poor guy standing in line at buyback.

    I understand the fear. 700+ new competitors in any business should be scary.

  • Aren't they supposed to be teaching?
  • Posted by Daron , Student at University of Washington on May 7, 2007 at 9:35pm EDT
  • As a student at large university I already get so little of my professors' time. Its not fair to me to send faculty on a scavenger hunt for textbook prices, even if it only takes five clicks.

    Are you telling me publishers deserve that time more than me?

  • For Buss, Reading is a Waste of Time
  • Posted by Diogenes on May 8, 2007 at 6:45am EDT
  • So much better to talk to God and drift in illusion, right Buzz? And how dare you assume to have absolute knowledge as to how I worship over a discussion on how to save students money without compromising their education? I can rejoice that your nonsense is a mere subtext to a generally good thread about textbook prices and student learning. So your answer is that books are unnecessary? You have now devolved from merely partisan to simply silly, Buzz. Here's the real math: illiteracy doesn't pay. You have made yourself the example. Now go back to townhall.com and play with your little friends.

  • Still waiting for an idea
  • Posted by Buzz on May 8, 2007 at 9:15am EDT
  • "For Buss (sic), Reading is a Waste of Time"

    Whoever you really are (e.g., ninth-year grad student, perpetually snide & cynical) -- do you have any ideas to HELP students?

    I did -- and you have NOT. "Stay the course" in a state with divided government is hardly a timely solution.

    All you've done is spewed hatred. In the words of the immortal Dave Chappelle -- are you part of the "Gay KKK?"

    http://en.wikipedia.org/wiki/List_of_Chappelle's_Show_skits

    Next time, try to actually do something positive. Like, how about understanding the difference between math and literacy, genius.

  • Posted by litprof on May 8, 2007 at 1:05pm EDT
  • "If a book is too expensive, buy a cheaper one"?!?

    What if the more expensive one is, oh, I don't know, better?

    I could assign Dover Thrift editions of _Ulysses_, or I could assign a scholarly edition with helpful notes and a terrific introduction. Gee, what a tough choice.

    Heaven forbid we curtail the students' right as consumers to choose cheap ignorance over expensive knowledge. Got a great money-saving tip for you, kids: don't go to college.

  • But the USA is bankrupt ..
  • Posted by Buzz on May 8, 2007 at 5:50pm EDT
  • " .. What if the more expensive one is, oh, I don’t know, better?"

    That the "average" college student (at the mean) owes $20,000 in federally-subsidized student loans at graduation?

    Because Uncle Sam is actually bankrupt?

    http://www.concordcoalition.org/

    http://home.netcom.com/~kirklindstrom/BB/BobBrinkerS20030323A.html

    As the late, great Rick James would say -- "ain't that a (deleted)."

  • Posted by KC on May 8, 2007 at 10:00pm EDT
  • "Bookstores complain about a mere “25%” margin while they get 100% returns on any NEW books not sold. "

    Apparently Scooby's never worked at a college bookstore. As a former textbook buyer, I would have died and gone to heaven had a publisher EVER offered me 100% returns on unsold new books. Some of the larger publishers offered around 70%, but often the midsize would only take back around 20 or 30%, and the small publishers never take returns.

    Bookstores are in a bit of a crunch. Rising publishing prices, fierce online used-book competition, the continuing migration of professors to online coures material...it is not a fun, low-stress business to be in (drove me out pretty quick). A 25% markup on new books barely keeps half the employees paid. I have to say, though, if this new law could force the publishers to give us a price quote and stick to it, I would certainly be in favor of that.

  • Posted by Scooby on May 9, 2007 at 5:50pm EDT
  • I worked in college bookstores for three years KC. All of the major publishers offer 100% returns. The cost-effective solution is to sell ebooks to the student for less than 50% of the textbook price. Thomson did over $10 million in sales through their website last year. Think students will flock back to the hated campus store? Me either.

  • Posted by ggggvvvv on May 10, 2007 at 10:30pm EDT
  • UNC textbook cost reduction measures are just a publicity stunt. I have a son who took Physics 116 and 117 at UNC this academic year, and we took his books to sell back at the bookstore. $0 was what was offered. The bookstore had the same books in the shelves for summer session. This book is sold with an add-on Homework Manager which was not used by his professor. It is still in the sealed plastic cover and we were unable to sell it back. I know that this book is going to used in Fall 2008 but the bookstore will not buy this years books back because it sells the books and the CD as a package wrapped with plastic.

    ggggvvvv

  • do your homework
  • Posted by maf on May 11, 2007 at 12:20pm EDT
  • Lively discussion. here's my take: if instructor's took more time to review course materials they would discover many more choices ranging from cheaper softcover books and textbooks to more expensive case bound editions as well a ebooks. As instructors do this search, they should involve all the players: publisher's rep; textbook manager; other dept instructor's including adjuncts and grad students and even staff who order desk copies. The point is to include as many people as possible who are impacted by this choice. Frequently, the textbook/book research process is torpedoed by a rush to get the order in without due diligence involving the key players - make fall book decisions after spring finals; there's plenty of time to get your order in and delivered weeks before the next term starts.

    So, the next time you select your course materials take time and follow good research/problem-solving protocol and you'll be surprised at all the available options

  • Posted by Anne on May 23, 2007 at 2:40pm EDT
  • I always find it funny that people solely blame the textbook companies for the price of books. I am not going to go into the fact that professors demand royaly rates of up to 18-20% of the books cost, the cost of paper, the cost of doing business and the fact that publishers profit rates aren't as high as you think. What I am going to say is that with all of the bookstore people up in arms here, they have been careful not to mention that they make far more money off of a single textbook than the textbook company does. The average textbook revises every three years. During that time period the company makes money on a single book exactly once. During that same time period, the bookstore has the opportunity to make money on that same single copy of the book AT LEAST six times, selling the used copy semester after semester.

    Also, McGraw Hill does not own Prentice Hall. Prentice Hall is owned by Pearson.

  • Quick facts
  • Posted by Book Editor on May 25, 2007 at 4:40am EDT
  • There are quite a few incorrect statements floating around in this thread. Here are a few random observations:

    (full disclosure: I'm an editor at one of the smaller, but still major, textbook publishers.)

    --Publishers accept returns from bookstores on all unsold texts.

    (This is an amazingly bizarre business practice, when you think about it. Can you think of any other industry in which the company producing the product allows the retailer to return ALL unsold inventory to the producer for full credit?)

    --The majority of college bookstores mark up new texts by 28% to 35%.

    --The price listed on Amazon.com for a new copy of any college textbook is almost NEVER correct. Amazon is geared almost entirely to *trade* book sales, and almost always screws up the markup on 'short discount' books (i.e., textbooks and university-press monographs). If you're attempting to find a more accurate *new* book price for a text you're considering, go to bn.com. Because they run some of the nation's college bookstores, they generally know what a 'net' price is, and mark up textbooks at a rate within the range listed above.

    --Each copy of a text is sold by the publisher exactly once. A well-managed college bookstore will sell that same copy at least 3 or 4 additional times as a used book, at a much higher profit margin (for the bookstore) than the new book.

    --The number of new copies of a textbook sold in its first year of publication is usually cut at least in half in the second year, and then by another 25% after that. Nearly all copies sold of a textbook in its third and fourth years are used copies.

    --As the sales curve for new copies of a book asymptotically approaches zero, the per-book cost to the publisher to print and bind the new copies rises considerably. Small print runs=high unit costs=very low profit.

    --Every major college publisher offers low-cost options in most subject areas, and ebook versions are widely available across the curriculum.

    --Despite the availability of these options, and the aggressive publicity campaigns to promote them, very few professors choose to assign an ebook, almost no students buy them, and most low-cost print editions significantly undersell their full-featured, full-price cousins.

    --It is a well-known yet little-discussed fact in college publishing that "committee decisions"--in which a select number of faculty members in a large department convene to choose a text for all sections of a course--frequently end in the faculty committees demanding considerable incentives, kickbacks, freebies, and commitments to underwrite specific campus events. This wheeling and dealing has become standard practice among faculty who supervise text selection for large survey courses, and very few of them show any compunction about it.

    (The most egregious, and ridiculous, example I have heard of is a quid-pro-quo acquisition by a publisher of a golf-cart for an English department at a state university in the southwest in exchange for a very large textbook adoption.)

    --Another very common practice among faculty is the sale of professional review (i.e., 'examination') copies of textbooks to used-book buyers. It is not uncommon for sales of a book to be undercut as much as 25% by 'used' copies in the very first semester that it is in print (i.e., 25% of the books purchased in that first semester are "used" copies taken from professors' shelves).

    --Nearly all publishers now offer direct-purchase options on their websites at a discount.

    --If students who complain about 'greedy publishers' want to do an interesting investigation, they might look into the following: the average salary of a textbook editor, the average starting salary in publishing generally, the average ratio of the salary of publishing-company presidents to their lowest-paid employees, and then, just for fun, compare those figures to starting, mid-level, and top-o-the-heap salaries in finance, law, advertising, hi-tech, and other industries. The conclusion that you can't avoid reaching (because it's true) is that, if getting rich is your aim, just about any field is better than publishing.