One short line to illustrate the concept of adverse selection:
"I'd never join a club that would allow a person like me to become a member..." (Woody Allen, in 'Annie Hall,' 1977).
Well, to make it a personal matter, there was a school that I decided not to apply to. That was because they sent me a letter, asking me to consider applying there. As a rational economist, I did not. And somehow, now I regret that decision...
Everyday decision Academic life