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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...
...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 who are not matched, but the friction generated by adverse selection will be eliminated...
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...
Harvard does allocate paid leave for the breaks in the academic calendar. The system is based on seniority; according to the existing contract, which is set to expire next June, HUDS employees accrue an annual three weeks of paid vacation after five years of continuous service, and every additional five years of continuous service results in another week of paid vacation every year. However, with the long-awaited arrival of J-Term, workers are forced to spread their paid vacation over not one but two lengthy breaks...
...energetic host began explaining the rules of the game. With a penchant for puns, he outlined a complicated point system. It seemed unlikely that anyone was going to remember the rules after a few rounds anyway. The team names were more attention-worthy: “Vagination,” “The Third Wheel,” “Obama Can Drill My Coastal Shell,” and “Albatross Lesbian...