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Incentives in Decentralized Random Matching Markets

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  • Joana Pais

Abstract

Decentralized markets are modeled by means of a sequential game where, starting from any matching situation, firms are randomly given the opportunity to make job offers. In this random context, we prove the existence of ordinal subgame perfect equilibria where firms act according to a list of preferences. Moreover, every such equilibrium preserves stability for a particular profile of preferences. In particular, when firms act truthfully, every outcome is stable for the true preferences. Conversely, when the initial matching is the empty matching, every stable matching can be reached as the outcome of an ordinal equilibrium play of the game.

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Bibliographic Info

Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 2006/12.

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Date of creation: 2006
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Handle: RePEc:ise:isegwp:wp122006

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Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

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Keywords: Matching Markets; Stability; Random Mechanisms.;

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References

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  1. Dipjyoti Majumdar & Arunava Sen, 2004. "Ordinally Bayesian Incentive Compatible Voting Rules," Econometrica, Econometric Society, Econometric Society, vol. 72(2), pages 523-540, 03.
  2. Dipjyoti Majumdar, 2003. "Ordinally Bayesian Incentive Compatible Stable Matching," Working Papers hal-00242988, HAL.
  3. Muriel Niederle & Alvin E. Roth, 2003. "Unraveling Reduces Mobility in a Labor Market: Gastroenterology with and without a Centralized Match," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 111(6), pages 1342-1352, December.
  4. Guillaume Haeringer & Myrna Wooders, 2011. "Decentralized job matching," International Journal of Game Theory, Springer, vol. 40(1), pages 1-28, February.
  5. Blum, Yosef & Roth, Alvin E. & Rothblum, Uriel G., 1997. "Vacancy Chains and Equilibration in Senior-Level Labor Markets," Journal of Economic Theory, Elsevier, vol. 76(2), pages 362-411, October.
  6. 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.
  7. Roth, Alvin E, 1984. "The Evolution of the Labor Market for Medical Interns and Residents: A Case Study in Game Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 92(6), pages 991-1016, December.
  8. Roth, Alvin E & Xing, Xiaolin, 1994. "Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions," American Economic Review, American Economic Association, vol. 84(4), pages 992-1044, September.
  9. Roth, Alvin E., 1984. "Misrepresentation and stability in the marriage problem," Journal of Economic Theory, Elsevier, vol. 34(2), pages 383-387, December.
  10. Joana Pais, 2006. "Random Matching in the College Admissions Problem," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2006/13, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  11. Joana Pais, 2006. "On Random Matching Markets: Properties and Equilibria," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2006/11, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  12. Roth, Alvin E & Xing, Xiaolin, 1997. "Turnaround Time and Bottlenecks in Market Clearing: Decentralized Matching in the Market for Clinical Psychologists," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 105(2), pages 284-329, April.
  13. Roth, Alvin E & Vande Vate, John H, 1991. "Incentives in Two-Sided Matching with Random Stable Mechanisms," Economic Theory, Springer, vol. 1(1), pages 31-44, January.
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Cited by:
  1. Joana Pais, 2006. "On Random Matching Markets: Properties and Equilibria," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2006/11, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  2. Alexey Kushnir, 2009. "Matching Markets with Signals," Working Papers 2009.39, Fondazione Eni Enrico Mattei.
  3. Guillaume Haeringer & Myrna Wooders, 2003. "Decentralised Job Matching," Working Papers 2003.114, Fondazione Eni Enrico Mattei.
  4. Muriel Niederle & Leeat Yariv, 2009. "Decentralized Matching with Aligned Preferences," NBER Working Papers 14840, National Bureau of Economic Research, Inc.
  5. Joana Pais, 2006. "Random Matching in the College Admissions Problem," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2006/13, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  6. Horstschräer, Julia, 2012. "Decentralizing university admission: Evidence from a natural experiment," ZEW Discussion Papers 12-076, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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