College Attrition and the Dynamics of Information Revelation
通过估计动态结构模型，研究信息摩擦如何影响学生的学业和就业选择，发现消除信息摩擦可使毕业率提高4.4个百分点，并缩小不同家庭收入背景学生的毕业差距。
We examine how informational frictions impact schooling and work outcomes by estimating a dynamic structural model where individuals face uncertainty about their academic ability and productivity, which determine their schooling utility and wages. We account for different college types, majors, occupational search frictions, and work hours. Individuals learn from grades and wages, which may affect their choices. Removing informational frictions would increase graduation by 4.4 percentage points and by an additional 2 points without search frictions. Providing students with full information about their abilities would increase the college and white-collar wage premia while reducing the graduation gap by family income.