Learning from the Test: Raising Selective College Enrollment by Providing Information
研究了美国五个州强制高中生参加大学入学考试的政策，发现该政策使选择性大学入学率提高20%，表明许多高能力学生严重低估了自己进入选择性大学的资格，信息短缺是阻碍人力资本投资的重要因素。
Between 2000 and 2010, five U.S. states adopted mandates requiring high school juniors to take a college entrance exam. In the two earliest-adopting states, nearly half of all students were induced into testing, and 40% to 45% of them earned scores high enough to qualify for selective colleges. Selective enrollment rose by 20% following implementation of the mandates, reflecting substitution away from noncompetitive schools. I conclude that a large number of high-ability students appear to dramatically underestimate their candidacy for selective colleges. Policies aimed at reducing this information shortage are likely to increase human capital investment for a substantial number of students.