The article analyzes the effects of introducing the institute of ranking into the higher education system. The function of ratings is to remedy market failures, to create incentives for competition, and for the efficient choice of education institution by customers. However, the research of the last decade dealing with the influence of ratings on the behavior of universities shows that ratings gained symbolic power in the education service market, by which they provide advantages to certain institutions to the detriment of others. That has created a lack of trusts to ratings and even their boycott by a number of institutions. The consideration of university rankings as a social comparison practice can elucidate the mechanism of influence of ratings on the behavior of universities.