dingbat wrote:Does anyone remember the article that calculated the present value of an additional point on the LSAT? It'd be great to link in here
Not ITE though.
On page 21:
"Column 1 of Table 10 shows that, given these assumptions, our lawyer's expected income with
her LSAT of 163 is just over $4 million if she does not discount future income streams, $2.4 million
if she discounts at 5%, and $1.54 million if she discounts at 10%. Column 2 shows that our
lawyers chances of getting into a Top 10 or Top 20 school and, therefore, her income are enhanced
significantly if she can increase her LSAT scores by 5 points. If she does not discount, five LSAT
points are worth over $700,000 in expectation
and nearly $300,000 if she discounts by the full 10%.
The increases are smaller ($200,000 without discounting and $80,000 with 10% discounting) for a
further increase in LSAT scores from 168 to 173. Even taking our lowest estimates and allowing for
some noise in our estimates, these estimates suggest that such actions as LSAT preparation classes,
spending time refining admissions essays, and even studying hard in relevant undergraduate classes
in hopes of improving grades all have a significant positive return for aspiring lawyers."