Estimating Distributions of Counterfactuals with an Application ... - UCL

EFFECTS OF UNCERTAINTY ON COLLEGE CHOICE 419
The probability of going to college is given by
for the first case and for the second case
Pr (V > 0)
Pr (V ′ > 0)
The experiment for the case where we remove θ 1 from the information set of the
agent, keeping age-by-age mean earnings constant, is analogous to the one just
described.
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