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| Title: | | Belief updating among college students: Evidence from experimental variation in information  |
| Authors: | | Wiswall, Matthew Zafar, Basit |
| Issue Date: | | 2011 |
| Series/Report no.: | | Staff Report, Federal Reserve Bank of New York 516 |
| Abstract: | | We investigate how college students form and update their beliefs about future earnings using a unique information experiment. We provide college students true information about the population distribution of earnings and observe how this information causes respondents to update their beliefs about their own future earnings. We show that college students are substantially misinformed about population earnings and logically revise their self-beliefs in response to the information we provide, with larger revisions when the information is more specific and is good news. We classify the updating behaviors observed and find that the majority of students are non-Bayesian updaters. |
| Subjects: | | belief updating college majors information uncertainty subjective expectations Bayesian updating |
| JEL: | | D81 D83 D84 I21 I23 J10 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Staff Reports, Federal Reserve Bank of New York
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