Arnold Makes a Good Point

Arnold's point about self education is well taken. There is a strong possibility that part of what students are buying is "personal training" for knowledge.

That is, they need some guidance about what to learn and more importantly they need an accountability partner. They need someone to test them and say look - you really didn't study this as in extensively as we originally planned.

Formal education then is explained by some form of hyperbolic discounting, or in common parlance lack of self control.

There is no wonder then education is less valued by entrepreneurs. Among the traits necessary for being a successful entrepreneurs is a high degree of self motivation.