Backward unraveling over time: The evolution of strategic behavior in the entry level British medical labor markets
AbstractThis study introduces a computational tool to analyze how a population of decision makers communicates and learns to coordinate to attain an equilibrium or a social convention in a two-sided matching game with incomplete information. Genetic algorithms are used in an environment where agents are heterogeneous and have private information. In the contexts of centralized and decentralized entry-level labor markets, evolution and adjustment paths of "unraveling" are explored using this tool. The situation of the Kagel and Roth (1997) laboratory experiment is generalized under a variety of markets and institutions. Evolution paths of unraveling are investigated, particularly for the historic entry-level British medical labor markets. As one result, it is demonstrated that "stability" need not be required for the success of a matching-mechanism under incomplete information in the long run. Evolutionary evidence is found to support the field success of unstable linear programming mechanisms used in Britain.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Dynamics and Control.
Volume (Year): 25 (2001)
Issue (Month): 6-7 (June)
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Web page: http://www.elsevier.com/locate/jedc
Other versions of this item:
- M. Utku �nver, 1999. "Backward Unraveling over Time: The Evolution of Strategic Behavior in the Entry-Level British Medical Labor Markets," Computing in Economics and Finance 1999 1132, Society for Computational Economics.
- M. Utku Unver, 1999. "Backward Unraveling over Time: The Evolution of Strategic Behavior in the Entry-Level British Medical Labor Markets," Game Theory and Information 9907001, EconWPA, revised 16 Jul 1999.
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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