Abstract
Less than a handful of papers have used data on individuals to examine people's decisions about which school to attend. This paper develops a nested logit model of the determinants of choice of a graduate business school. Data are drawn from a new longitudinal survey of registrants for the Graduate Management Admission Test. One finding is that elasticity of school choice with respect to tuition is fairly low, about 0.08. Another is that, even after controlling for the effects of Affirmative Action in admissions, blacks and Hispanics are substantially more attracted to top-tier institutions, while women are less attracted to them.
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