The Returns to STEM Programs for Less-Prepared Students
利用哥伦比亚大学数据，研究发现准备不足的学生在选择性STEM项目中获得的收入回报高于准备充分的学生，尽管他们完成项目的概率更低，原因在于其替代教育选择收入较低。
The returns to selective STEM programs depend on whether students complete these programs, earnings conditional on completion, and counterfactual schooling choices. Much research has focused on only one of these margins, potentially leading to an incomplete picture of the returns to STEM education for students with less academic preparation. Using data from a Colombian university and two empirical strategies, we find less-prepared students have higher earnings returns to selective STEM programs than more-prepared students, even though they are less likely to complete these programs. A key mechanism is that less-prepared students have lower-paying counterfactual schooling options.