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Abstract: Admission processes in many higher education markets are inherently dynamic. We study timing of student application and school admission under rolling admissions using a unique U.S. law school market dataset. Our results show that law schools employ non-stationary admission standards within application cycles: applications submitted earlier enjoy a considerable admission advantage relative to later applications. We rationalize such strategies in a simple yield management model and provide evidence for three types of frictions that constrain applicants from applying earlier.
Keywords: Matching; Decentralized; Timing; Frictions; Higher Education
JEL Classification: I23; I28