students' perceptions. We find that the average perceived option value is 65% smaller than the average actual option value ($8 … policy implications related to college entrance, we do not find evidence that students understate the overall value of …

as a result. Removing informational frictions would increase the college graduation rate by 4.4 percentage points, which … would increase further by 2 percentage points in the absence of search frictions. Providing students with full information … college graduation gap by family income. …

. 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 …