Word: risked
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Dates: during 2010-2019
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...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 all the risk of hiring a “lemon.” As a result, it is both the students and employers who face second-best outcomes in summer and job offers...
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...
Realigning the selection risk in the manner of residency matching allows firms to recruit the applicants most enthusiastic about working there, removing the adverse selection problem highlighted above. Additionally, the risk-sharing agreement under a reformed system places greater ex-ante responsibility on the applicant to research jobs, as they will be locked in once they apply. And that just might add some tangible value to the many months of Faculty Club info sessions...
...Kids may respond better to rewards for specific actions because there is less risk of failure. They can control their attendance; they cannot necessarily control their test scores. The key, then, may be to teach kids to control more overall - to encourage them to act as if they can indeed control everything, and reward that effort above and beyond the actual outcome...
...great deal because of another of those mind-twisting ambitions China has: to rise to a position of great power without causing the international system to crumble. This seems unlikely. Few nations in history have managed such a feat. And to try it now, in our age of risk and surprise, where everything from financial markets to national security seems packed with the potential for detonation? It's hard to imagine such an adventure has much chance of success...