We use rich microeconomic data on performance and choices of students at college entry to study the interaction between … which preferences and expectations of students are identified from data on choices and multiple exam grades. Counterfactuals … timing of choices and exams are shown to increase welfare. Redistribution among students or schools is sizeable in all …

. As a main motivation for these reforms the policymakers cited strategic flaws of the rules: students had strong … incentives to game the system, which caused dramatic consequences for non-strategic students. However, almost none of the new … manipulate. Simultaneously, the admission to each school became strategy-proof to a larger set of students, making the schools …