While college enrollment has more-than doubled since 1970, elite colleges have barely increased supply, instead …, consistent with experience in elite [non-elite] colleges. A calibrated version of the model closely replicates the pattern in the … data of declining admit rates at elite colleges while counter-factual simulations without prestige fail. Prestige …

of the era's elite. The membership premium persists after conditioning on high school, legacy status, and even family … their membership in adult social clubs by 26%. We conclude that social interactions among the educational elite mediate … causal channel remains relevant at contemporary elite universities …

their chances of attending an elite graduate school, and triples their chances of working at a prestigious firm. Ivy …

nondemocracy to democracy, alters the distribution of de jure political power, but the elite can intensify their investments in de … we refer to as invariance. When the model is enriched to allow for limits on the exercise of de facto power by the elite … may survive, but choose economic institutions favoring the elite. The main ideas featuring in the model are illustrated …