Economics question: The job market seems like a lemon market, in that assessing ability in an interview is hard. But this suggests that job offers should tend to come in at a discount to current earnings; in software at least the exact opposite is true. What's going on here?
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e.g. A great deal of the wage premium for being publicly known is not because your skills are higher it is because your error bars smaller.
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Sure. But my point is, it seems like the error bars should be much smaller for a company which has employed someone for years than for a new company after a few hours of interviews. So why don't existing employers bid higher?
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