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This paper analyzes how high-ability students respond to different indicators of university quality when applying for a university. Are some quality dimensions of a ranking, e.g. research reputation or mentoring more important than others? I estimate a random utility model using administrative application data of all German medical schools. As identification relies on the variation in quality indicators over time, I can disentangle the response to changes in quality indicators from the common knowledge regarding the overall university attractiveness. Results show that the ranking provides more relevant information in the quality dimensions mentoring, infrastructure and students' satisfaction than with respect to research.

University Rankings in Action? The Importance of Rankings and an Excellence Competition for University Choice of High-Ability Students