Determinants of College Major Choice: Identification using an Information Experiment
通过向学生提供各专业真实信息并追踪其信念变化，发现预期收入和感知能力显著影响专业选择，但异质性偏好才是主导因素，且忽略偏好与收入预期的相关性会高估收入的作用。
This article studies the determinants of college major choice using an experimentally generated panel of beliefs, obtained by providing students with information on the true population distribution of various major-specific characteristics. Students logically revise their beliefs in response to the information, and their subjective beliefs about future major choice are associated with beliefs about their own earnings and ability. We estimate a rich model of college major choice using the panel of beliefs data. While expected earnings and perceived ability are a significant determinant of major choice, heterogeneous tastes are the dominant factor in the choice of major. Analyses that ignore the correlation in tastes with earnings expectations inflate the role of earnings in college major choices. We conclude by computing the welfare gains from the information experiment and find positive average welfare gains.