“Mr. Robinson pretty much concludes that business schools are a sifting device—M.B.A. degrees are…

“Mr. Robinson pretty much concludes that business schools
are a sifting device—M.B.A. degrees are union cards for yuppies. But perhaps
the most important fact about the Stanford business school is that all
meaningful sifting occurs before the first class begins. No messy weeding is
done within the walls. ‘They don’t want you to flunk. They want you to become a
rich alum who’ll give a lot of money to the school.’ But one wonders: If
corporations are abdicating to the Stanford admissions office the responsibility
for selecting young managers, why don’t they simply replace their personnel
departments with Stanford admissions officers, and eliminate the spurious
education? Does the very act of throwing away a lot of money and two years of
one’s life demonstrate a commitment to business that employers find appealing?”
(From the review by Michael Lewis of Peter Robinson’s Snapshots from Hell: The
Making of an MBA, in the New York Times, May 8, 1994, Book Review section.)
What answer to Lewis’s question can you give, based on our analysis of
strategies in situations of asymmetric information?

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