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The word "prestige" derives from a Latin word meaning delusion or illusion - according to my VERY old dictionary, the secondary meaning is "glamour; influence or reputation derived from previous character, achievements or success". A lot of people posting on CC seem to think that prestige is illusory; there is contempt evident in many of the posts about applying to prestigious places. But why? The places that have prestige are at great pains to maintain their reputations with excellent teachers and excellent research. The people who go are not necessarily chasing prestige. They might well be chasing academic excellence.
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