Better Luck Next Time: Learning Through Retaking

We are grateful to the Center for University Selection and Placement (O SYM) for providing the data. We would also like to thank Dilara Bakan Kalaycıoglu for answering all our questions about the data and Quang Vuong and Susumu Imai for extremely useful conversations. We are also indebted to participants of the Pacific Conference for Development Economics 2011, the 10th Journees Louis-André Gérard-Varet Conference in Public Economics, the LACEA 2012 Annual Meeting, the 2012 Seminar Series at the Copenhagen Business School, the 8th Annual Conference on Economic Growth and Development at ISI Delhi, and the 2012 Asian Meeting of the Econometric Society for suggestions and comments. Kala Krishna would like to thank the Human Capital Foundation (www.hcfoundation.ru), and especially Andrey P. Vavilov, for support of the Department of Economics at Penn State University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.