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Performance feedback is a common feature in education, often delivered alongside social comparisons. This review paper explores the theoretical reasons why students’ academic performance might respond to relative performance feedback, even when it is provided privately and without monetary incentives. We then review empirical evidence to assess what has been learned thus far, highlighting the significance of heterogeneity in the effectiveness of feedback (depending on socio-demographic background, ability priors, granularity of information, among others). As a policy tool, we advocate for more targeted approaches and stress the need to consider its broader effects on non-academic outcomes.