Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
This paper investigates pecuniary and non-pecuniary returns to college education for academically marginal students in South Korea. The Korean government limits the number of admission slots at each college by assigning a quota for each year, and the quota is binding. An increase in the quota allows more academically marginal students to enter college. The IV estimation using differences in the ratio of 4-year college quotas to cohort size across regions and cohorts shows that 4-year college attendance of marginal students increases hourly wages by 60.3%-75.5%. College education also increases fringe benefits, life, and job satisfaction.