startz

Of course top-10 schools have better academic placements, and this is especially true of MIT and Harvard. But many schools outside the top-10 also have quite good placements! Pretty much every school posts placements. Take a look at those you find relevant rather than speculatiing.

Traditionally (for American graduate schools), one had to ask for a release from the first school...which as a practical matter was always granted. That is no longer true. The details are at https://cgsnet.org/resources/for-current-prospective-graduate-students/april-15-resolution. Note that while changing your mind before April 15th is completely okay, in some circumstances the losing school may be annoyed after April 15th. At the very least, it shouldn't be done lightly.

Worse than that. There's often a small amount of action after the 15th!

That's right, I think.

MIT's web page says

Let me just add something from the other side: Econ departments aren't going to be offended if you decline. In fact, they will appreciate hearing from you as early as possible.

Are you suggesting that people shouldn't bother to go to visit days?

No, just whatever one learned that might be helpful to people in thinking about that department, or how it might compare with a place they visited.

Go back and talk to your letter writers. They know you better than anyone here.

I wonder if people might share here what they learned at visit days at various departments, naming the departments while remaining anonymous.

It depends on what they are actually going to have you do. Are you just grading papers? Holding office hours? Then not so tough. Do you have to prepare material to present at recitation sections? That could be a lot more demanding.

Actually, John's PhD is University of Wyoming.

This is exactly right. It really helps departments, as well as everyone here, when candidates decline early.

While international applicants typically do have a master's, American applicants typically do not.

http://www.accessecon.com/Pubs/EB/2018/Volume38/EB-18-V38-I4-P173.pdf