Justine Hastings|Christopher Neilson|Anely Ramírez|Seth Zimmerman
(Un)informed college and major choice: Evidence from linked survey and administrative data
Brown University|Providence College|Princeton University|University of Chicago
use largescale surveys chilean college applicants college students explore way students form beliefs earnings cost outcomes different institutions majors beliefs relate degree choice persistence linking survey records administrative education earnings data compare earnings cost expectations observed values past students follow survey participants forward see beliefs relate matriculation dropout outcomes find students correctly centered noisy cost expectations appear systematically overestimate earnings outcomes past graduates students overestimate costs less likely matriculate degree program stated firstchoice program likely drop students overestimate earnings matriculate similar rates students choose degree programs past students less likely graduate earned less early careers likely default student loans consistent informal model enrollment choice students stated preference labor marketrelated degree characteristics less likely overestimate earnings outcomes choose degrees past students gone earn opposite true students stated preference enjoyment curriculum