Students' choices in education can only be based on expected outcomes. Econometric models that infer expectations based on ex post outcomes impose a rational structure of expectations on school performance and post-graduation earnings. Direct surveys suggest much ignorance and fuzziness. We use...

While uncertainty abounds in almost any decision on investment in schooling, it is mostly ignored in research and virtually absent in labour economics text books. This paper documents the scope for risk, discusses the tough disentanglement of heterogeneity and risk, surveys the analytical...

What do applicants care about when choosing a school in Turkey? Are their preferences vertical or horizontal? Which school attributes seem to matter? Do selective schools con-tribute to their students' success, or is their performance attributable to the higher ability of the students they...

While uncertainty abounds in almost any decision on investment in schooling, it is mostly ignored in research and virtually absent in labour economics text books. This paper documents the scope for risk, discusses the tough disentanglement of heterogeneity and risk, surveys the analytical...

What do applicants care about when choosing a school in Turkey? Are their preferences vertical or horizontal? Which school attributes seem to matter? Do selective schools con-tribute to their students’ success, or is their performance attributable to the higher ability of the students they...