TY - JOUR T1 - The Impact of Test-Score Labels on Human-Capital Investment Decisions JF - Journal of Human Resources JO - J Hum Resour DO - 10.3368/jhr.51.2.0713-5837R AU - John P. Papay AU - Richard J. Murnane AU - John B. Willett Y1 - 2015/11/30 UR - http://jhr.uwpress.org/content/early/2015/11/20/jhr.51.2.0713-5837R.abstract N2 - 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. ER -