An Empirical Investigation of the Option Value of College Enrollment
量化了学生在不确定性和学习能力过程中，因可灵活决定是否继续学业而产生的选择价值，发现该价值占大学入学总价值的14%，对中等能力学生影响最大。
This paper quantifies the option value arising from sequential schooling decisions made in the presence of uncertainty and learning about academic ability. College attendance has option value since enrolled students have the option, but not obligation, to continue in school after learning their aptitude and tastes. I estimate that option value accounts for 14 percent of the total value of the opportunity to attend college for the average high school graduate and is greatest for moderate-aptitude students. Students' ability to make decisions sequentially in response to new information increases welfare and also makes educational outcomes less polarized by background.