The choice of a college major plays a critical role in determining the future earnings of college graduates. Students … survey students about what their expected earnings would be both in the major they have chosen and in counterfactual majors …. We also elicit students' subjective assessments of their abilities in chosen and counterfactual majors. We estimate a …

better at graduating more-prepared students while other institutions are better at graduating less-prepared students and that … 209 led to a more efficient sorting of minority students, explaining 18% of the graduation rate increase in our preferred … specification. Further, there appears to have been behavioral responses to Prop 209, by universities and/or students, that explain …

, graduation rates of minorities increased by 4.4%. We characterize conditions required for better matching of students to campuses … graduation gains experienced by less-prepared students. At the same time, better matching only explains about 20% of the overall … graduation rate increase. Changes after Prop 209 in the selectivity of enrolled students explains 34-50% of the increase. Finally …