Frailties of the Human mind

Last week I came across an interesting thing, a question actually.
1. If you were asked to study in the world's best university and not be awarded a degree as a proof that you studied there.
2. You were given a degree saying that you studied in the world's best university, even without having to study there.

Which of the above would you choose?
Interesting? Confusing?
I found the hint in "Signaling Theory". This theory states that it is enough to signal that you are good enough even though you may not be. For example, take a product whose advertisement you see. An ad hardly tells you enough about the product, but the very realization that the company is spending such a lot on ads makes one believe that the product must be good.
What else can explain the brand value of a product like an aerated drink? What makes us drink it, even though we very well know that it hardly has any benefits to offer?
Coming back to the question, the answer largely depends on what I want to use the education / certificate for?
But it raises a vital question of tactic vs strategy. What will hold me in good stead in the long run, the experience of having studied at the worlds best university without having any certificate to show for it or having the certificate but no experience of having studied there?
There are many who can market themselves well, and they only need a break to jump onto the bandwagon of go-getters. And some like to cherish the experience of having satisfied an innate desire, of having achieved a non-hedonistic goal.