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Jumping The Curse: Early Contracting With Private Information In University Admissions

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Author Info
Sam-Ho Lee
Abstract

This article introduces a new model of early contracting. Employers who have private information about the applicant's ability worry that applicants who accept their offer are precisely those who were not offered other jobs. To avoid this winner's curse, employers anticipate the time of contracting. The model is developed in the context of university admissions, and is shown to be consistent with several stylized facts in that "market." We show that, in contrast to received wisdom, allocative efficiency may be improved by the presence of early contracting. Copyright © (2009) by the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-2354.2008.00522.x
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Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 50 (2009)
Issue (Month): 1 (02)
Pages: 1-38
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Handle: RePEc:ier:iecrev:v:50:y:2009:i:1:p:1-38

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  1. Christopher Avery & Jonathan D. Levin, 2009. "Early Admissions at Selective Colleges," NBER Working Papers 14844, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-10-24.

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