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There's often a signing bonus. If there's a 10% chance of getting the job and a $50k signing bonus is common, then your EV is $5000 per interview.

Even if there weren't, then 10% of the extra compensation vs. an easier-to-hire company with your discount horizon applied would also count as payment.

If you’re 10% likely to get a job with a 50k signing bonus and you’re doing 7 interviews for that job your expected value is $715 per interview.

> $50k signing bonus is common

I clearly live in a different labour market to this conversation. How many places in the world is this common?

If you do it right, candidates can leave with a positive impression even after being rejected. I've maintained correspondence with a few candidates over the years because they felt like they learned a thing or two about engineering during the course of the interview, and they wanted some additional mentorship.

The interviewee is usually interviewing on their current company's dime. It's even easier now with many folks working from home, you don't even need an excuse.