Between 2000 and 2010, five U.S. states adopted mandates requiring high school juniors to take a college entrance exam. In the two earliest-adopting states, nearly half of all students were induced into testing, and 40% to 45% of them earned scores high enough to qualify for selective colleges. Selective enrollment rose by 20% following implementation of the mandates, reflecting substitution away from noncompetitive schools. I conclude that a large number of high-ability students appear to dramatically underestimate their candidacy for selective colleges. Policies aimed at reducing this information shortage are likely to increase human capital investment for a substantial number of students.

中文翻译：

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从考试中学习：通过提供信息来提高选择性大学入学率

在2000年至2010年之间，美国有五个州采用了要求高中生参加高考的命令。在这两个最早采用的州中，将近一半的学生被引诱参加考试，其中40％至45％的学生获得的分数高到足以入读部分大学的资格。在执行任务规定之后，选择性入学率提高了20％，反映出替代性课程已从非竞争性学校中撤出。我的结论是，许多高能力的学生似乎大大低估了他们对选读大学的资格。旨在减少这种信息短缺的政策可能会增加大量学生的人力资本投资。