Now, workers might realize their mistake and try to ask for lower wages. But this won’t get them hired either, because stepping out of the crowd to ask for a lower wage just sends a signal that you’re not worth very much and also that you’re unusual in some way.
The fellow could be unusual in accurately assessing likely wage rates faster than his fellows. You’re making huge assumptions about the priors of the attitudes of employers.
The fellow could be unusual in accurately assessing likely wage rates faster than his fellows. You’re making huge assumptions about the priors of the attitudes of employers.