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On the Survival of Some Unstable Two-Sided Matching Mechanisms

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  • M. Utku Ünver

Abstract

In the 1960s, three types of matching mechanisms were adopted in regional entry-level British medical labor markets to prevent unraveling of contract dates. One of these categories of matching mechanisms failed to prevent unraveling. Roth (1991) showed the instability of that failing category. One of the surviving categories was unstable as well, and Roth concluded that features of the environments of these mechanisms are responsible for their survival. However, Ünver (2001) demonstrated that the successful yet unstable mechanisms performed better in preventing unraveling than the unsuccessful and unstable category in an artificial-adaptive-agent-based economy. In this paper, we conduct a human subject experiment in addition to short- and long-run artificial agent simulations to understand this puzzle. We find that both the unsuccessful and unstable mechanism and the successful and unstable mechanism perform poorly in preventing unraveling in the experiment and in short-run simulations, while long-run simulations support the previous Ünver finding.

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Bibliographic Info

Paper provided by EconWPA in its series Experimental with number 0111001.

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Date of creation: 02 Nov 2001
Date of revision: 01 Nov 2003
Handle: RePEc:wpa:wuwpex:0111001

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Cited by:
  1. 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.
  2. Muriel Niederle & Alvin E. Roth & M. Utku Ünver, 2008. "Unraveling Results from Comparable Demand and Supply: An Experimental Investigation," Boston College Working Papers in Economics 718, Boston College Department of Economics.
  3. Joana Pais & Ágnes Pintér, 2006. "School Choice and Information An Experimental Study on Matching Mechanisms," Working Papers Department of Economics 2006/14, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
  4. Boudreau, James W. & Knoblauch, Vicki, 2014. "What price stability? Social welfare in matching markets," Mathematical Social Sciences, Elsevier, vol. 67(C), pages 27-33.
  5. Yan Chen & Tayfun S�nmez, 2002. "Improving Efficiency of On-Campus Housing: An Experimental Study," American Economic Review, American Economic Association, vol. 92(5), pages 1669-1686, December.
  6. John Duffy, 2004. "Agent-Based Models and Human Subject Experiments," Computational Economics 0412001, EconWPA.

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