Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/296002 
Year of Publication: 
2024
Series/Report no.: 
CESifo Working Paper No. 10913
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
Additional retake opportunities generally increase the probability of eventually passing a given threshold at given competence, and decrease preparation for exams. Preparation work performed before the first attempt may increase only for very weak students, and may decline so much as to decrease the total pass probability only for very strong students. If additional preparation is possible before retaking a failed exam, it is optimal for students to make early attempts without much preparation. Some will be lucky enough to pass, and others will make many attempts after gradually improving preparation. Hence, plentiful retake opportunities reduce the reliability of exam results as an indicator of competence, and increase the cost of taking and administering exams for students and teachers.
Subjects: 
sequential options
information content of test results
graduate wage premia
JEL: 
I21
C61
Document Type: 
Working Paper
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