This article documents that grades vary significantly across Italian public universities and degrees. We provide evidence suggesting that these differences reflect the heterogeneity of grading standards. A straightforward implication of this result is that university funding schemes based on...

In this paper we estimate relative age effects in academic performance using a unique database of students at Bocconi University. The identification exploits school entry cut-off ages that generate up to 11 months difference between the youngest and the oldest students within each cohort. Our...

Using unique Italian panel data, in which individual differences in behavior toward risk are measured from answers to a lottery question, we investigate if (and to what extent) risk aversion can explain differences in schooling attainments. We formulate the schooling decision process as a...