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In Fall 2014, Wellesley College began mandating pass/fail grading for courses taken by first-year, first-semester students, although instructors continued to record letter grades. We identify the causal effect of the policy on course choice and performance, using a...
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economic approach is built on the premise that incentives affect behavior. We suggest that an important pathway of influence … regime, incentives can be shaped by shadow prices as well as market prices. …
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