Fig. 4

Relationship between birthday and household income. This figure shows the relationship between candidates’ birthday and their household income by the time of the exam. The center of the graphs is zero, which represents January 1. The first graph on the left shows the probability of the household receiving less than five minimum wages per month. The second graph on the right shows the probability of the household receiving more than ten minimum wages per month. Functions are estimated using a triangular kernel with the bandwidth selection procedure proposed by Calonico et al. (2014). τ is the RD estimate, with robust standard errors in parentheses