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Wage Formation in a Centralized Matching Market

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  • Kamecke, Ulrich

Abstract

It is natural to ask why the market for interns in the United States of America has to be cleared with a centralized matching procedure (the NRMP) and how this rationing procedure affects equilibrium wages. This paper presents a model in which a market failure is caused by insufficiently differentiated wages. The NRMP solves the problem but it enables the hospitals to extract more surplus from their interns than they could in an ideal competitive equilibrium. It is demonstrated that this distortion causes welfare losses if the hospitals can substitute between physicians and interns. Copyright 1998 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

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Bibliographic Info

Article provided by Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association in its journal International Economic Review.

Volume (Year): 39 (1998)
Issue (Month): 1 (February)
Pages: 33-53

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Handle: RePEc:ier:iecrev:v:39:y:1998:i:1:p:33-53

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Cited by:
  1. Alvin E Roth, 2007. "Deferred Acceptance Algorithms: History, Theory, Practice, and Open Questions," Levine's Bibliography 843644000000000283, UCLA Department of Economics.
  2. Roth, Alvin & Niederle, Muriel, 2005. "The Gastroenterology Fellowship Market: Should There Be A Match?," Scholarly Articles 2562766, Harvard University Department of Economics.
  3. Alvin E. Roth, 2008. "What Have We Learned from Market Design?," Innovations: Technology, Governance, Globalization, MIT Press, vol. 3(1), pages 119-147, January.
  4. Jeremy Bulow & Jonathan Levin, 2005. "Matching and Price Competition," NBER Working Papers 11506, National Bureau of Economic Research, Inc.
  5. Muriel Niederle & Alvin E. Roth, 2001. "Unraveling Reduces the Scope of an Entry Level Labor Market: Gastroenterology With and Without a Centralized Match," NBER Working Papers 8616, National Bureau of Economic Research, Inc.
  6. Alvin E. Roth, 2010. "Marketplace Institutions Related to the Timing of Transactions," NBER Working Papers 16556, National Bureau of Economic Research, Inc.

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