On the Dynamics of Standards

Posted: 17 Feb 2002

See all articles by Joel Sobel

Joel Sobel

University of California at San Diego

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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.

Suggested Citation

Sobel, Joel, On the Dynamics of Standards. Available at SSRN: https://ssrn.com/abstract=290607

Joel Sobel (Contact Author)

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