SEPARATING EQUILIBRIUM? Academic Game is not pleased with the pecking order among universities, in which some Ph.D.s are eligible, by virtue of the program they attended, for employment at all departments, while others are not similarly eligible. Although there might be some elements of signalling and costly information (the M.I.T. degree might carry information content that a Northern Illinois or Buffalo does not) there is also this reality: doctoral programs will produce more Ph.D.s than there are professors teaching in departments with doctoral programs. The money to provide apprenticeships isn't there, and the money to help out with credentialing is. Consequently, some graduates of Ph.D. programs (whether stratified by pecking order or not) will be employed in departments without Ph.D. programs.