President-Elect Trump has a Low Signal-to-Noise Ratio

What a president says is typically allotted a ton of news value, by default, and rightly so. But it has been assigned news value because it traditionally has had a very high signal-to-noise ratio. Presidential remarks are normally so considered, vetted, poll-tested, etc. They usually are a somewhat reliable guide to the policies a president will pursue, how they’ll pursue them, etc. But Trump isn’t like that. He throws a ton of stuff out there, on Twitter and off. The signal-to-noise rati...

 Debt Makes College a Risky Investment

Our findings, especially those that examine household decision-making, emphasize that while the return to higher education is high, it is not a safe investment for many households. The deterrent effect of risk survives the ability of agents to feasibly debt finance college with student loans. The main force here is that debt makes higher education riskier for student borrowers, suggesting that alternatives that are mindful of risk may be more effective. In turn, the focus of the policy experi...