Assessing the effectiveness of education by race and gender is as difficult as it is important. We investigate this question utilizing data for eleven cohorts at West Point, a distinguished military academy and highly ranked liberal arts college. Employing matching using entry scores on three...

This paper develops a model in which colleges seek to maximize the quality of the educational experience provided to their students. We deduce predictions about the hierarchy of schools that emerges in equilibrium, the allocation of students by income and ability among schools, and about the...