Taking PISA Seriously: How Accurate are Low Stakes Exams?
---- Acknowledgments ----
We would like to thank Joris Pinkse, Keisuke Hirano and Kim Ruhl for their comments and suggestions and Meghna Bramhachari for help in proof reading. We owe special thanks to Miyako Ikeda and Judit Pal at the OECD for answering our numerous questions about the data. Huacong Liu was instrumental in our working on this project and we thank her for all her help. We are responsible for all errors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.