. This is done with randomly assigned lottery numbers, nonlottery tie-breakers like test scores, or both. The New York City … public high school match illustrates the latter, using test scores, grades, and interviews to rank applicants to screened …

In this paper, we build a new test of rational expectations based on the marginal distributions of realizations and … subjective beliefs. This test is widely applicable, including in the common situation where realizations and beliefs are observed …-to-implement way to conduct a sensitivity analysis on the assumed form of expectations. Finally, we apply our framework to test for and …