He ranked colleges largely by student preference. More specifically,
he devised a system that awarded extra points to colleges that
outperformed their chief competitors in attracting desirable pools of
matriculated students. He relied mostly on Fiske's Guide for his
database, and his Ranking was republished on several websites. See:
http://www.collegeconfidential.com/college_rankings/LF_rank.htm .
His guiding philosophy was that colleges were communities that
attracted like-minded students, and that, therefore, following student
preferences was the best guide to college quality.
Eight years later, the New York Times has reported an academic study
that used essentially the same principles, but with access to much
greater statistical resources. The study is titled "A Revealed
Preference Ranking of U.S. Colleges and Universities" and was written
by faculty from Harvard, B.U. and Wharton.
I see that not many people post here any more. I assume the traffic
has mostly moved on to the Web-based forums. But, out of nostalgia or
a sense of respect, I wanted to write about this here (where I spent
far too much time in the 1990's!).
NYT article here:
http://www.nytimes.com/2006/09/17/weekinreview/17leonhardt.html .
Academic study here:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=601105#PaperDownload