What effect do you think that has?<p>If smart students choose selective schools and smartness is associated with ROI, we would expect to see a correlation between ROI and school selectivity. That we don&#x27;t is interesting.<p>If merit is highly correlated with school selectivity, then selectivity can be considered a proxy for smartness&#x2F;determination&#x2F;etc. If that&#x27;s the case, education ROI appears to be not strongly correlated with merit (via the selectivity proxy). That is <i>very</i> interesting.