Word: market
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...cast as broad a net as possible when applying. The challenge employers then face is selecting among those genuinely interested in the position and those merely hedging their bets through precautionary recruiting. In the language of George Akerlof, the Nobel Prize-winning economist who described the used-car market as having buyers and sellers with different amounts of information about the transaction to be made, the recruiting market is ridden with “adverse selection.” In the Harvard case, it is not hidden car qualities, but rather uncertain applicant motivations that force employers to bear...
Like in Akerlof’s used-car market, the OCR platform presents employers with two categories of lemons (though others exist)—the disinterested applicant and the opportunitistic one. The former may not initially be interested in the job at all but feigns interest once granted an interview. This represents an error in selection against the interests of applicants who would like offers from the jobs they prefer most. But because of uncertainty in the market, interviews and offers are misallocated from those who should ideally receive them, those most qualified and committed for a given job?...
Ironically, a better system to mediate these market failures is one known best to pre-med students: residency matching. After their residency interviews, graduating medical students submit rank-order lists of programs to a centralized matching service, the National Residency Matching Program, which optimizes pairings with the rankings of applicants submitted by individual residency programs. The NRMP utilizes the Gale-Shapley algorithm, introduced to solve the canonical “stable marriage problem.” In this algorithm, pairings between parties are optimized such that all possibility of “infidelity” in matches is precluded...
Much of the Portuguese-speaking community in Cambridge remains in the city because members purchased homes years ago when property values were lower, and homeowners now rent to newer immigrants well below the market rate, according to Pinto...
...These facts are so hard that the nation's grubmongers are being advised to give up on pleasing a broad swath of society and instead concentrate on small, specific segments of the market. It's narrowcasting for the stomach and makes perfect cultural sense, but it's still a great loss. I, for one, am sad to see the Average Diner go. I related to him; he took me out of myself; I measured my appetites against his. Sometimes I gloried in my conformity, as when writing hosannas to the universal white-bun hamburger of old. At other times...