Word: ocr
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Dates: during 2010-2019
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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?...
Restructuring OCR as a matching service, rather than merely a listing of “unverified” internships and interview space, greatly spreads the risk employers currently bear. OCS should be an impartial intermediary to match market players, though, granted, this is not an entirely closed market. Nevertheless, with preferences blind to the other side, the problem of information asymmetry can be resolved for those who do recruit, as each party is incentivized to honestly and openly reveal its preferences, which is what is lacking in the current system. Job scarcities will still lead to students...