On the Dynamics of Standards
AbstractI study a two-parameter family of rules governing the process of entry into a club. There are three types of agent: candidates desire to enter the club; judges vote on who should enter; elite are already in the club. Promotion requires that at least n of N judges agree that a candidate is at least as good as r of the R members of the elite. Candidates minimize the cost of acquiring a D-dimensional characteristic subject to satisfying the promotion criteria. The article characterizes how minimum entry standards change over time under different assumptions. Copyright 2001 by the RAND Corporation.
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Bibliographic InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 32 (2001)
Issue (Month): 4 (Winter)
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