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<p>Having looked at the study, I find it extremely murky whether they found anything.</p>
<p>One problem is that the control they use isn’t convincing. They need to measure not the applicants’ admissions qualifications but their <em>yield</em> attributes, i.e. which type of college will they attend when admitted. Applicants who decline admission offers from the top schools may do so for reasons that would not be reflected in admission but are strongly influential on income, such as their level of interest in a PhD compared to investment banking, or degree of affinity for prestige and achievement, or a lack of confidence in their ability to perform at the more elite university.</p>