Preference Structure and Random Paths to Stability in Matching Markets
AbstractThis paper examines how preference correlation and intercorrelation combine to influence the length of a decentralized matching market's path to stability. In simulated experiments, marriage markets with various preference specifications begin at an arbitrary matching of couples and proceed toward stability via the random mechanism proposed by Roth and Vande Vate (1990). The results of these experiments reveal that fundamental preference characteristics are critical in predicting how long the market will take to reach a stable matching. In particular, intercorrelation and correlation are shown to have an exponential impact on the number of blocking pairs that must be randomly satisfied before stability is attained. The magnitude of the impact is dramatically different, however, depending on whether preferences are positively or negatively intercorrelated.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2008-29.
Length: 17 pages
Date of creation: Aug 2008
Date of revision:
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Marriage matching; stability; random paths.;
Other versions of this item:
- James Boudreau, 2008. "Preference Structure and Random Paths to Stability in Matching Markets," Economics Bulletin, AccessEcon, vol. 3(67), pages 1-12.
- C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
- C15 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Statistical Simulation Methods: General
- P41 - Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
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