RT Journal Article SR Electronic T1 The Impact of Test Score Labels on Human-Capital Investment Decisions JF Journal of Human Resources JO J Hum Resour FD University of Wisconsin Press SP 357 OP 388 DO 10.3368/jhr.51.2.0713-5837R VO 51 IS 2 A1 Papay, John P. A1 Murnane, Richard J. A1 Willett, John B. YR 2016 UL http://jhr.uwpress.org/content/51/2/357.abstract AB Students receive abundant information about their educational performance, but how this information affects future educational-investment decisions is not well understood. Increasingly, results from state-mandated standardized tests are an important source of information. Students receive a score and a label that summarizes their performance on these tests. Using a regression-discontinuity design, we find persistent effects of earning a more positive label on the college-going decisions of urban, low-income students. These findings are important not only for understanding students’ educational-investment decisions and the consequences of state testing practices but also for researchers using the regression-discontinuity design.