studying (the pure human capital model) or whether studying has no effect on productivity (the pure signaling model). Thus … help to distinguish between human capital and signaling. However, with longitudinal data, RDD can be used to estimate the …

This paper explores students' expectations about the returns to completing higher education and provides first evidence … on \textit{perceived} signaling and human capital effects. We elicit counterfactual labor market expectations for the … different stages of higher education. Our findings indicate substantial perceived returns to higher education. Moreover, by …

This paper explores students' expectations about the returns to completing higher education and provides first evidence … on perceived signaling and human capital effects. We elicit counterfactual labor market expectations for the hypothetical … stages of higher education. Our findings indicate substantial perceived returns to higher education. Moreover, using within …