of all college students fail to earn a bachelor's degree, we study a model of risky college completion. The central idea … is that students drop out of college mainly because they fail to complete the requirements for earning a degree. This … introduces two levels of ability selection that reinforce each other. (i) In college, low ability students typically do not …

Providing income support to unemployed education-leavers reduces the returns to investments in education because it … behavioral biases among lower educated and younger students could explain these contrasting findings. …