The paper uses a survey to examine undergraduates' knowledge of salaries by type of education. Students' beliefs varied systematically with their year of study and personal background. The median student made (estimated) absolute errors of approximately 20 percent, but the mean signed error was...

The paper examines the impact of the business cycle on enrollments and finances at individual community colleges between the late 1960s and the mid-1980s. We find that 1 percent increases in the unemployment rates of recent high school graduates and of all adults are associated with rises in...

The paper analyzes the Grade Point Average (GPA) of more than 5,000 undergraduates at the University of California, San Diego. Personal background strongly affects GPA. Graduates of different high schools obtain significantly different GPAs, even after controlling for personal background. These...