The Long-Run Economic Consequences of High-Stakes Examinations: Evidence from Transitory Variation in Pollution
研究发现以色列学生在高考期间短暂暴露于PM2.5会降低考试成绩，进而影响其高等教育入学率和未来收入，说明依赖有噪音的信号可能导致资源配置低效。
Cognitive performance during high-stakes exams can be affected by random disturbances that, even if transitory, may have permanent consequences. We evaluate this hypothesis among Israeli students who took a series of matriculation exams between 2000 and 2002. Exploiting variation across the same student taking multiple exams, we find that transitory PM 2.5 exposure is associated with a significant decline in student performance. We then examine these students in 2010 and find that PM 2.5 exposure during exams is negatively associated with postsecondary educational attainment and earnings. The results highlight how reliance on noisy signals of student quality can lead to allocative inefficiency.