How Do College Students Respond to Public Information about Earnings?
通过向大学生提供真实的收入分布信息，发现学生原本对收入存在严重误解，收到信息后会理性修正预期，但更新方式因人而异，且信息会影响他们的专业选择意向。
Expectations are important determinants of decisions made under uncertainty, and if individuals’ expectations are biased, they can make suboptimal choices. This paper uses a unique “information” experiment in which we provide college students true information about the population distribution of earnings. We find that college students are substantially misinformed about population earnings and revise their earnings beliefs in a sensible way in response to the information. The specificity and informativeness of the signal matters for updating. There is, however, substantial heterogeneity in students’ updating heuristics. We also find that students revise their intended major in response to the information.