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An Analysis of Top Trading Cycles in Two-Sided Matching Markets

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  • Yeon Koo Che
  • Olivier Tercieux

Abstract

We study top trading cycles in a two-sided matching environment (Abdulkadiroglu and Sonmez (2003)) under the assumption that individuals� preferences and objects� priorities are drawn iid uniformly. The distributions of agents� preferences and objects� priorities remaining after a given round of TTC depend nontrivially on the exact history of the algorithm up to that round (and so need not be uniform iid). Despite the nontrivial history-dependence of evolving economies, we show that the number of individuals/objects assigned at each round follows a simple Markov chain and we explicitly derive the transition probabilities.
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Suggested Citation

  • Yeon Koo Che & Olivier Tercieux, 2015. "An Analysis of Top Trading Cycles in Two-Sided Matching Markets," Levine's Bibliography 786969000000001059, UCLA Department of Economics.
    • Handle: RePEc:cla:levrem:786969000000001059
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    1. Yeon-Koo Che & Olivier Tercieux, 2019. "Efficiency and Stability in Large Matching Markets," Journal of Political Economy, University of Chicago Press, vol. 127(5), pages 2301-2342.
    2. Alvin E. Roth & Tayfun Sönmez & M. Utku Ünver, 2004. "Kidney Exchange," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(2), pages 457-488.
    3. Atila Abdulkadiroglu & Tayfun Sönmez, 2003. "School Choice: A Mechanism Design Approach," American Economic Review, American Economic Association, vol. 93(3), pages 729-747, June.
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    More about this item

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D47 - Microeconomics - - Market Structure, Pricing, and Design - - - Market Design
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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