This paper estimates the effect of graduating from college on lifetime earnings. Motivated by the fact that nearly half of all college students fail to earn a bachelor's degree, we study a model of risky college completion. The central idea is that students drop out of college mainly because...

This paper estimates the effect of graduating from college on lifetime earnings. Motivated by the fact that nearly half of all college students fail to earn a bachelor's degree, we study a model of risky college completion. The central idea is that students drop out of college mainly because...

State merit aid programs have been found to reduce the likelihood that students attend college out-of-state. Using the U.S. News & World Report rankings of colleges and universities to measure college quality and Integrated Postsecondary Education Data System data to measure enrollment, we...

This paper asks how a student's classmates affect her returns to college. We exploit a “tracking” admission system at a selective Colombian university that led to large differences in mean classmate ability for students in the same programs. In a regression discontinuity design, we find that...

We evaluate the labor-market returns to General Educational Development (GED) certification using state administrative data. We develop a fuzzy regression discontinuity (FRD) method to account for the fact that GED test takers can repeatedly retake the test until they pass it. Our technique can...

This paper explores students' expectations about the returns to completing higher education and provides first evidence on \textit{perceived} signaling and human capital effects. We elicit counterfactual labor market expectations for the hypothetical scenarios of leaving university with or...

This paper explores students' expectations about the returns to completing higher education and provides first evidence on perceived signaling and human capital effects. We elicit counterfactual labor market expectations for the hypothetical scenarios of leaving university with or without a...

I take advantage of a sharp discontinuity in the probability of admission to an elite university at the admission score threshold, to estimate causal returns to college education quality. I use a newly constructed dataset, which combines individual administrative records about high school,...