<p>If you want a true “ranking” of colleges, look at average annual acceptance rates and yield rates. That’s data representing the decisions of hundreds of thousands of well-informed, highly intelligent students.</p>
<p>No matter how much time, money, or energy is devoted to constructing a ranking system based on any non-market criteria, it will always be inferior in accuracy to the data to which I have alluded. Allow me to present an example illustrating the perils of an arbitrary value-assigning system:</p>
<p>Say, as an educated chemist, you were given the task of setting prices (i.e. relative values) for all pharmaceuticals on the market. Assume you have a Ph.D. in chemistry and are highly educated in pharmacology, understanding the development processes and costs involved in the production of every single drug on the market. Now, you must assess each drug’s relative value according to several criteria, including its overall market demand, its production costs, as well as any premiums that must be paid due to patent laws. If you think similarly to me, this probably seems like an overwhelming task! How could one possibly sort through all this data in a non-arbitrary manner? Choosing to weigh one factor more heavily than another may be your opinion, but another professional’s opinion may be just the opposite. In fact, picture an infinite sum of professionals creating their own pricing systems for all drugs on the market. Comparing any random two chemist’s rankings, it will be statistically inevitable that a degree of variance will exist between the two, with certain drugs priced higher than others and vice versa. Given this variance, whose pricing scheme should be chosen if all seem to differ by a statistically expected amount and seem to be equally accurate, since they were all formulated by top professionals/experts?</p>
<p>Now let’s get back to college rankings. To put the story in perspective, you are U.S. News and you have been given the task of ranking all of the universities in America. Given that you are a single entity and not an infinite sum of knowledgeable entities, your ranking list will be inevitably affected by an inherent amount of variance from what the presumed infinite sum of college rankings would yield (since certain quality criteria will be weighted differently in different ranking schemes). Given this variance, you may be wondering whether there is any way of achieving an ordinal ranking of universities that is not subject to the unavoidable variance (from the envisioned “mean” of the presumed infinite sum of rankings, representing the true ranking) of a single entity’s opinion.</p>
<p>The answer, of course, lies in finding the mean of an infinite sum of rational agents’ opinions over which a consensus can be achieved through making differences among rankings statistically irrelevant–in taking all of the matriculation decisions of utility-maximizing high school seniors who are the ones actually choosing where best to invest their human capital for growth during their undergraduate years.</p>
<p>And voila! The preference ranking is revealed, illustrating clearly and specifically what schools most students choose to attend when given the choice. As icing on the cake, the study was published by truth-seeking university professors as opposed to a mediocre, profit-seeking news magazine.</p>
<p>School ranking, as a fundamental concept relevant to students’ decisions, is a function of desirability, since desirability corresponds to the mean of an infinite sum of previous matriculants’ decisions, all of whom can be presumed to be utility-maximizing (After all, the top echelon of students did get into Harvard/Yale/Princeton/etc., so would it be such a stretch to assume that they have a pretty good idea of what the educational quality is like at these schools? Further, might it be justifiable to deduce that the collective choices of hundreds of thousands of students like these paint a more accurate picture of comparative educational quality and prestige value at American universities than a few State U grads working for U.S. News and relying on spotty survey data?).</p>
<p>As a final note, to harp on my last big point about desirability being the root of the relevance of the entire concept of ranking: Desirability is directly and quantitatively measured through the preference ranking.</p>
<p>I leave it to the discerning and critically-observant reader to deduce his or her own rational conclusions regarding the efficacy of various popular ranking systems.</p>
<p>In summary: Brown is actually a bad school, and U.S. News is the first to discover this scandalous truth that has been covered up for so long, deceiving tens of thousands of students all these years and ruining their futures, which could have been far more prosperous had they attended the great Washington University in St. Louis.</p>