Background: The identity and utility research carries significant role in the modern economics. There are financial outputs, if we can moderate appropriate the student’s and worker’s identities. Objectives: The paper examines the possible use of the utility model and theoretical principles of Akerlof and Kranton (2000, 2002) in higher education. The examined aspects are utility, identity and role. Methods/Approach: The paper aims at employing the model of Akerlof in higher education and how the terms identity and utility can be interpreted in this environment. Results: To sum up, we can say that while case studies and certain experiments seem to justify the model of Akerlof and Kranton, there are few scientific results in higher education to rely on that prove the relationship between identity and utility. Conclusions: It can be deduced that the identity of students has some economic impacts. Institutional policy can increase not only the success of its students but also their income through identity changes.