Gender differences in preferences for taking risk in college applications

College admissions in Turkey are based entirely on nationwide standardized test scores and standardized high school GPAs. Using detailed administrative data from the centralized system, I study the impact of gender differences in preferences on the allocation of students to colleges. Controlling for test score, high school GPA, and high school attended, I find that females are more likely to apply to lower-ranking universities, whereas males set a higher bar, revealing a higher option value for retaking the test and applying again next year. These differences in willingness to be unassigned are also found to have implications for major choices.