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I do not agree that GRE scores function only as a treshold. I have no practice or experience with which to back it up, but consider this. If we assume that adcoms are rational maximizing human beings (may not be entirely true in genral, but econ adcoms probably get real close to the ideal) then it seems suboptimal to me for them to ignore information. GREs might be primarily used as a screening tool in general, but you never know what happens on the margin. If you have two candidates with the exact same profiles but the one has a little bit of a higher GRE score then I would assume the higher GRE score would get him in. On the margin, any single part of your profile can make it or break it.
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