College Admissions and the Role of Information: An Experimental Study
AbstractWe analyze two well-known matching mechanisms\the Gale-Shapley, and the Top Trading Cycles (TTC) mechanisms\in theexperimental lab in three different informational settings, and study the role of information in individual decision making. Our results suggest that\in line with the theory\in the college admissions model the Gale-Shapley mechanism outperforms the TTC mechanisms in terms of efficiency and stability, and it is as successful as the TTC mechanism regarding the proportion of truthful preference revelation. In addition, we find that information has an important effect on truthful behavior and stability. Nevertheless, regarding efficiency, the Gale-Shapley mechanism is less sensitive to the amount of information participants hold.
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Bibliographic InfoPaper provided by Institute of Social and Economic Research, Osaka University in its series ISER Discussion Paper with number 0707.
Date of creation: Feb 2008
Date of revision:
Other versions of this item:
- Joana Pais & Ágnes Pintér & Róbert F. Veszteg, 2011. "College Admissions And The Role Of Information: An Experimental Study," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 52(3), pages 713-737, 08.
- Pais, Joana & Pintér, Ágnes & Veszteg, Róbert F., . "College admissions and the role of information : an experimental study," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/1159, Universidad Carlos III de Madrid.
- Joana Pais & Agnes Pinter & Robert F. Veszteg, 2008. "College admissions and the role of information : an experimental study," Economics Working Papers we080302, Universidad Carlos III, Departamento de Economía.
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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