Economists have a limited understanding of how sensitive human capital investment is to information about aptitude or likelihood of success. We shed light on this by estimating if students update their college choices in response to large positive and negative information shocks generated by the...

We estimate whether students update their collegepplication portfolios in response to large, unanticipated information shocks generated by the release of SAT scores -- a primary component of admissions decisions. Exploiting new population data on the timing of college selection and a policy that...