--and potentially more important--all students, even the more highly motivated ones, respond to lower tuition levels by decreasing their …-subsidy, low-tuition policies have both disincentive effects on students' study time and adverse effects on human capital …

We investigate how college students form and update their beliefs about future earnings using a unique “information …” experiment. We provide college students true information about the population distribution of earnings and observe how this … information causes respondents to update their beliefs about their own future earnings. We show that college students are …