Abstract
We study how pay‑range posting in job ads affects applicants’ willingness to apply, ask wages, and beliefs. We separate three channels: (i) WTP calibration (ranges inform beliefs about the firm’s willingness to pay); (ii) perceived competitiveness (ranges change beliefs about how hard it is to clear the hiring bar); and (iii) mechanical clamping (bounds force asks into the posted range, which sorts marginal types). We run a within‑respondent, randomized discrete‑choice experiment (DCE) that shows pairs of realistic ads while manipulating range midpoints, and the lower/upper bounds.