Issues in student placement, particularly of economically disadvantaged gifted students, are addressed. After a brief review of the legislative history of efforts to identify and serve this population, the conceptual framework of two diverse theoretical positions, decision theory and justice as fairness, is examined. Decision theory is considered in terms of characteristics of the psychometric models of fair selection. Justice as fairness is contrasted with utilitarian values: a utilitarian framework equates maximizing utility in the aggregate with achieving equity. Justice as fairness theory does not equate the two, but emphasizes the effects of placement decisions on such basic liberties as self respect. (CL)