I am job hunting at the moment and have been lucky enough to secure an interview in a fortnight’s time.

I estimate that I have a 90 per cent chance of getting the job, but on closer inspection of the job information, I no longer want the position.

I have also, inadvertently, been sent contact details for the four other shortlisted candidates.

I would like to auction to the other candidates an offer to withdraw my application. Can you advise me on how best to manage this?

Pauline, Edinburgh

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Dear Pauline,

In principle, you’re on to something. The value to you of attending the interview is zero, possibly negative. The value to the other candidates of you withdrawing is presumably positive. Therefore there are gains from trade to be enjoyed, and although your proposal is unconventional, a process of bargaining should elicit a positive price for your withdrawal, making all five of you happier.

That assumes a world of perfect markets. However, reality usually interferes with that ideal and here you have two of the biggest obstacles: you are trying to negotiate in a situation of asymmetric information, and it will be hard to enforce the contract if it is agreed.

Asymmetric information means that the other candidates do not know how good you are nor how serious you are about the job, so your offer is of uncertain value.

If you strike them as the kind of person who makes frivolous applications for jobs in the hope of extorting money, then you may also strike them as someone who will give up and go home for nothing.

Even more seriously, when the other candidates receive your generous proposal they will simply forward your message to the employer. This will remove you as a rival at zero cost.

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