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A Theory of Stability in Many-to-Many Matching Markets

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  • Echenique, Federico
  • Oviedo, Jorge

Abstract

We develop a theory of stability in many-to-many matching markets. We give conditions under which the setwise-stable set, a core-like concept, is nonempty and can be approached through an algorithm. The setwise-stable set coincides with the pairwise-stable set, and with the predictions of a non-cooperative bargaining model. The set-wise stable set possesses the canonical conflict/coincidence of interest properties from many-to-one, and one-to-one models. The theory parallels the standard theory of stability for many-to-one, and one-to-one, models. We provide results for a number of core-like solutions, besides the setwise-stable set.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1185.

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Length: 41 pages
Date of creation: Nov 2003
Date of revision:
Publication status: Published: Published in Theoretical Economics 1 (2006) 233-273.
Handle: RePEc:clt:sswopa:1185

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Related research

Keywords: matching markets; core; lattice; stability; substitutability; Tarski's fixed point theoryem;

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References

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  1. Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1483-1504, November.
  2. Roth, Alvin E. & Sotomayor, Marilda, 1988. "Interior points in the core of two-sided matching markets," Journal of Economic Theory, Elsevier, vol. 45(1), pages 85-101, June.
  3. Roth, Alvin E, 1984. "Stability and Polarization of Interests in Job Matching," Econometrica, Econometric Society, Econometric Society, vol. 52(1), pages 47-57, January.
  4. Klijn, Flip & Masso, Jordi, 2003. "Weak stability and a bargaining set for the marriage model," Games and Economic Behavior, Elsevier, vol. 42(1), pages 91-100, January.
  5. Hideo Konishi & M. Utku Ünver, 2003. "Credible Group Stability in Multi-Partner Matching Problems," Working Papers 2003.115, Fondazione Eni Enrico Mattei.
  6. Zhou Lin, 1994. "A New Bargaining Set of an N-Person Game and Endogenous Coalition Formation," Games and Economic Behavior, Elsevier, vol. 6(3), pages 512-526, May.
  7. Sonmez, T., 1995. "Strategy-Proofness in Many-To-One Matching Problems," Papers, Michigan - Center for Research on Economic & Social Theory 95-01, Michigan - Center for Research on Economic & Social Theory.
  8. José Alcalde Pérez & Antonio Romero-Medina & David Pérez-Castrillo, 1997. "Hiring procedures to implement stable allocations," Working Papers. Serie AD 1997-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  9. Paul Milgrom, 2003. "Matching with Contracts," Working Papers, Stanford University, Department of Economics 03003, Stanford University, Department of Economics.
  10. Echenique, Federico & Oviedo, Jorge, 2002. "Core Many-To-One Matchings by Fixed-Point Methods," Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences 1140, California Institute of Technology, Division of the Humanities and Social Sciences.
  11. Dutta, B. & Masso, J., 1996. "Stability of Matchings when Individuals Have Preferences Over Colleagues," UFAE and IAE Working Papers 325.96, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  12. Sotomayor, Marilda, 1999. "Three remarks on the many-to-many stable matching problem," Mathematical Social Sciences, Elsevier, vol. 38(1), pages 55-70, July.
  13. Salvador Barbera & Hugo Sonnenschein & Lin Zhou, 1990. "Voting by Committees," Cowles Foundation Discussion Papers 941, Cowles Foundation for Research in Economics, Yale University.
  14. Elliott Peranson & Alvin E. Roth, 1999. "The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design," American Economic Review, American Economic Association, vol. 89(4), pages 748-780, September.
  15. Barbera, S. & Sonnenschein, H., 1988. "Voting By Quota And Committee," UFAE and IAE Working Papers 95-88, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  16. Martinez, Ruth & Masso, Jordi & Neme, Alejandro & Oviedo, Jorge, 2000. "Single Agents and the Set of Many-to-One Stable Matchings," Journal of Economic Theory, Elsevier, vol. 91(1), pages 91-105, March.
  17. Alcalde, Jose & Romero-Medina, Antonio, 2000. "Simple Mechanisms to Implement the Core of College Admissions Problems," Games and Economic Behavior, Elsevier, vol. 31(2), pages 294-302, May.
  18. Adachi, Hiroyuki, 2000. "On a characterization of stable matchings," Economics Letters, Elsevier, vol. 68(1), pages 43-49, July.
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