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On the Dynamics of Standards

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Author Info

  • Sobel, Joel

Abstract

I 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 Info

Article provided by The RAND Corporation in its journal RAND Journal of Economics.

Volume (Year): 32 (2001)
Issue (Month): 4 (Winter)
Pages: 606-23

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Handle: RePEc:rje:randje:v:32:y:2001:i:4:p:606-23

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Cited by:
  1. Rick Harbaugh & John W. Maxwell & Beatrice Roussillon, 2006. "The Groucho Effect of Uncertain Standards," Working Papers 2006-09, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
  2. Scotchmer, Suzanne, 2008. "Risk taking and gender in hierarchies," Theoretical Economics, Econometric Society, vol. 3(4), December.
  3. Prüfer, J. & Walz, U., 2009. "Academic Faculty Governance and Recruitment Decisions," Discussion Paper 2009-021, Tilburg University, Tilburg Law and Economic Center.

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