Colleges’ early decision (ED) admission policies require accepted students to commit to attend the school without comparing outside options. With data from two liberal arts schools we find evidence that students with higher willingness and ability to pay and lower measured ability levels are...

Many states require children to reach age 5 by a specified date in the calendar year in order to begin kindergarten. We use birth certificate records from 1999 to 2004 to assess whether parents systematically time childbirth before these eligibility cutoff dates to capture the option value of...