But Rudenstine, who is also considered a talented administrator, also has his faults. He lacks experience with professional graduate schools, and his decision to leave Princeton to follow former President William G. Bowen to the Mellon Foundation has raised some eyebrows.

But both Rudenstine and Casper have demonstrated an ability to do the job, and both are probably considered safe choices for the University's top post.

The search committee, however, may be looking for more than a safe choice--they might want someone who could be a bold leader and innovator in American education.

That's where Feldstein comes in. Well-respected in his field, the 51-year-old economist is the only candidate who can boast experience in the world of politics and business.

Last Sunday, several members of the committee met with Feldstein for more than three hours at a posh Fifth Avenue hotel in New York City.

But Feldstein has less administrative experience than Casper and Rudenstine, and his controversial stint as chief economic advisor to the Reagan administration may raise questions about his judgment. In addition, some observers say that Feldstein has not demonstrated a clear interest in broader educational concerns.

Leder is also very short on administrative experience. Once rumored to be the frontrunner, enthusiasm on behalf of the 56-year-old geneticist now appears to have flagged.

Some FAS professors have said they question Leder's committment to undergraduate education. Though all acknolwedge that his research accomplishments are impressive, some suggest his range of academic interests is too narrow.

In fact, many people now view Houghton Professor of Chemistry and Biochemistry Jeremy R. Knowles as a stronger candidate than Leder. Colleagues say Knowles, who chaired the Chemistry Department for three years, is known for his fine judgment and attention to detail.

Finally, there is the "Rosovsky Factor."

Speculation in recent weeks has centered on Acting Dean of the Faculty Henry Rosovsky--a 63-year-old member of the search committee.

Rosovsky denied his candidacy in no uncertain terms last June.

But some say that if the committee cannot muster enough support to endorse one of the other candidates, they might just name Rosovsky, either on an interim or permanent basis. Rosovsky would be a popular choice with both faculty and alumni.

In addition, although Rosovsky seems to have been present for the most recent round of interviews, he left Wednesday's New York meeting more than an hour before the other committee members, prompting some to speculate that the committee may have needed to discuss certain matters in his absence.

But several officials say that a Rosovsky appointment, though not impossible, is unlikely. Appointment of Rosovsky might be seen as a defeat, indicating that a full-blown search process could not yield a single acceptable candidate beyond the Harvard Corporation.

And that would not be a welcome admission from a body that has taken every precaution to orchestrate the "perfect" search process.