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Matching with Incomplete Information

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Author Info

  • Quingmin Liu

    (Dept. of Economics, Columbia University)

  • George J. Mailath

    (Dept. of Economics, University of Pennsylvania)

  • Andrew Postlewaite

    (Dept. of Economics, University of Pennsylvania)

  • Larry Samuelson

    ()
    (Cowles Foundation, Yale University)

Abstract

A large literature uses matching models to analyze markets with two-sided heterogeneity, studying problems such as the matching of students to schools, residents to hospitals, husbands to wives, and workers to firms. The analysis typically assumes that the agents have complete information, and examines core outcomes. We formulate a notion of stable outcomes in matching problems with one-sided asymmetric information. The key conceptual problem is to formulate a notion of a blocking pair that takes account of the inferences that the uninformed agent might make from the hypothesis that the current allocation is stable. We show that the set of stable outcomes is nonempty in incomplete information environments, and is a superset of the set of complete-information stable outcomes. We provide sufficient conditions for incomplete-information stable matchings to be efficient.

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File URL: http://cowles.econ.yale.edu/P/cd/d18b/d1870.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1870.

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Length: 44 pages
Date of creation: Aug 2012
Date of revision:
Handle: RePEc:cwl:cwldpp:1870

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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

Related research

Keywords: Matching; Stability; Stable outcome; Incomplete information; Core;

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References

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  1. Chakraborty, Archishman & Citanna, Alessandro & Ostrovsky, Michael, 2010. "Two-sided matching with interdependent values," Journal of Economic Theory, Elsevier, vol. 145(1), pages 85-105, January.
  2. Ehlers, Lars & Masso, Jordi, 2007. "Incomplete information and singleton cores in matching markets," Journal of Economic Theory, Elsevier, vol. 136(1), pages 587-600, September.
  3. Benjamin Edelman & Michael Ostrovsky & Michael Schwarz, 2007. "Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords," American Economic Review, American Economic Association, vol. 97(1), pages 242-259, March.
  4. Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics.
  5. Stephan Lauermann & Georg Nöldeke, 2012. "Stable Marriages and Search Frictions," Working papers 2012/10, Faculty of Business and Economics - University of Basel.
  6. repec:bla:restud:v:76:y:2009:i:1:p:253-281 is not listed on IDEAS
  7. Hoppe, Heidrun C. & Moldovanu, Benny & Sela, Aner, 2006. "The Theory of Assortative Matching Based on Costly Signals," CEPR Discussion Papers 5543, C.E.P.R. Discussion Papers.
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