I'm surprised that test-preparation companies haven't picked up on this. Training people to understand calibration and loss aversion could be very helpful on standardized tests like the SATs. I've never taken a Kaplan or Princeton Review course, but those who have tell me this topic isn't covered. I'd be surprised if the people involved didn't know the science, so maybe they just don't know of a reliable way to teach such things?

They were in SAT prep books 25-27 years ago. (I took the SAT's while I was still 15.) The explanation given was something along the lines of, "Most people say that the SAT penalizes you for guessing, but this is wrong. Rather, it simply makes sure that, on average, guessing won't get you any extra points if you don't know anything about the question. If you can eliminate even one wrong answer out of five, you will always come out ahead by guessing. If you can't, then you still won't lose anything by guessing." They then showed math and examples to back it up.

It was actually in a very early part of the book I read, because they wanted you to understand how important it was to be able to identify even one wrong answer, and thus why the methods you were going to learn for doing that were important.