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 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...