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Matching with Contracts: An Efficient Marriage Market?

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  • Chloe Qianzi Zeng
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    Abstract

    This paper studies a marriage market with two-sided information asymmetry in whichthe gains from marriage are stochastic. Contracts specify divisions of ex-post realizedmarital surplus. I first study a game in which one side of the matching market offerscontracts. I show that when expected marital surplus is strictly monotonic in agents’types, no separating equilibrium that achieves matching efficiency exists. I then studya social planner’s problem, finding necessary and sufficient conditions for a truthful directrevelation mechanism to achieve matching efficiency. These conditions become morestringent as the number of agents in the matching market increases.

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    File URL: http://www.economics.ox.ac.uk/materials/papers/12461/paper630.pdf
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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 630.

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    Date of creation: 26 Nov 2012
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    Handle: RePEc:oxf:wpaper:630

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    Related research

    Keywords: Matching; two-sided information asymmetry; endogenous sharing rule; marriage market; stochastic marital surplus;

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    1. Damiano, Ettore & Li, Hao, 2005. "Price Discrimination and Efficient Matching," Microeconomics.ca working papers damiano-05-03-21-12-21-58, Vancouver School of Economics, revised 22 Mar 2005.
    2. Eugene Choo & Aloysius Siow, 2006. "Who Marries Whom and Why," Journal of Political Economy, University of Chicago Press, vol. 114(1), pages 175-201, February.
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