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The Job Market for New Economists: A Market Design Perspective

Author

Listed:
  • Peter Coles
  • John Cawley
  • Phillip B. Levine
  • Muriel Niederle
  • Alvin E. Roth
  • John J. Siegfried

Abstract

This paper, written by the members of the American Economic Association (AEA) Ad Hoc Committee on the Job Market, provides an overview of the market for new Ph.D. economists. It describes the role of the AEA in the market and focuses in particular on two mechanisms adopted in recent years at the suggestion of our Committee. First, job market applicants now have a signaling service to send an expression of special interest to up to two employers prior to interviews at the January Allied Social Science Associations (ASSA) meetings. Second, the AEA now invites candidates who are still on the market, and employers whose positions are still vacant, to participate in a web-based "scramble" to reduce search costs and thicken the late part of the job market. We present statistics on the activity in these market mechanisms and present survey evidence that both mechanisms have facilitated matches. The paper concludes by discussing the emergence of platforms for transmitting job market information and other design issues that may arise in the market for new economists.

Suggested Citation

  • Peter Coles & John Cawley & Phillip B. Levine & Muriel Niederle & Alvin E. Roth & John J. Siegfried, 2010. "The Job Market for New Economists: A Market Design Perspective," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 187-206, Fall.
  • Handle: RePEc:aea:jecper:v:24:y:2010:i:4:p:187-206
    Note: DOI: 10.1257/jep.24.4.187
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.4.187
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    References listed on IDEAS

    as
    1. Muriel Niederle & Alvin E. Roth, 2009. "Market Culture: How Rules Governing Exploding Offers Affect Market Performance," American Economic Journal: Microeconomics, American Economic Association, vol. 1(2), pages 199-219, August.
    2. 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, vol. 105(2), pages 284-329, April.
    3. Alvin E. Roth, 2007. "Repugnance as a Constraint on Markets," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 37-58, Summer.
    4. Alvin Roth, 2008. "Deferred acceptance algorithms: history, theory, practice, and open questions," International Journal of Game Theory, Springer;Game Theory Society, vol. 36(3), pages 537-569, March.
    5. 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, vol. 92(6), pages 991-1016, December.
    6. Muriel Niederle & Leeat Yariv, 2009. "Decentralized Matching with Aligned Preferences," NBER Working Papers 14840, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Kushnir, Alexey, 2013. "Harmful signaling in matching markets," Games and Economic Behavior, Elsevier, vol. 80(C), pages 209-218.
    2. Cheremukhin, Anton A. & Restrepo-Echavarria, Paulina & Tutino, Antonella, 2013. "Targeted Search in Matching Markets," Working Papers 2014-35, Federal Reserve Bank of St. Louis, revised 28 Jul 2017.
    3. Ajay Agrawal & John Horton & Nicola Lacetera & Elizabeth Lyons, 2015. "Digitization and the Contract Labor Market: A Research Agenda," NBER Chapters,in: Economic Analysis of the Digital Economy, pages 219-250 National Bureau of Economic Research, Inc.
    4. repec:gam:jgames:v:8:y:2017:i:4:p:41-:d:113062 is not listed on IDEAS
    5. Peter Coles & Alexey Kushnir & Muriel Niederle, 2013. "Preference Signaling in Matching Markets," American Economic Journal: Microeconomics, American Economic Association, vol. 5(2), pages 99-134, May.
    6. Volkov, Nikanor & Chira, Inga & Premti, Arjan, 2016. "Who is successful on the finance Ph.D. job market?," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 109-131.
    7. Carmit Segal, 2012. "Working When No One Is Watching: Motivation, Test Scores, and Economic Success," Management Science, INFORMS, vol. 58(8), pages 1438-1457, August.
    8. Krause, Annabelle & Rinne, Ulf & Zimmermann, Klaus F., 2012. "Anonymous job applications of fresh Ph.D. economists," Economics Letters, Elsevier, vol. 117(2), pages 441-444.
    9. repec:eee:jetheo:v:170:y:2017:i:c:p:145-168 is not listed on IDEAS
    10. repec:oup:oxford:v:33:y:2017:i:4:p:541-571. is not listed on IDEAS
    11. Scott Duke Kominers & Alexander Teytelboym & Vincent P Crawford, 2017. "An invitation to market design," Oxford Review of Economic Policy, Oxford University Press, vol. 33(4), pages 541-571.
    12. Soohyung Lee & Muriel Niederle, 2015. "Propose with a rose? Signaling in internet dating markets," Experimental Economics, Springer;Economic Science Association, vol. 18(4), pages 731-755, December.
    13. repec:bla:coecpo:v:35:y:2017:i:4:p:630-657 is not listed on IDEAS
    14. Coles, Peter & Shorrer, Ran, 2014. "Optimal truncation in matching markets," Games and Economic Behavior, Elsevier, vol. 87(C), pages 591-615.
    15. Paulina Restrepo-Echavarria & Antonella Tutino & Anton Cheremukhin, 2013. "A Theory of Targeted Search," 2013 Meeting Papers 664, Society for Economic Dynamics.
    16. Brooke Helppie McFall & Marta Murray-Close & Robert J. Willis & Uniko Chen, 2014. "Is it all worth it? The experiences of new PhDs on the job market, 2007-2010," NBER Working Papers 20654, National Bureau of Economic Research, Inc.
    17. Alvin E. Roth, 2012. "Marketplace Institutions Related to the Timing of Transactions: Reply to Priest," Journal of Labor Economics, University of Chicago Press, vol. 30(2), pages 479-494.
    18. Alvin E. Roth, 2010. "Marketplace Institutions Related to the Timing of Transactions," NBER Working Papers 16556, National Bureau of Economic Research, Inc.
    19. Nesterov, Alexander S., 2014. "Fairness and efficiency in a random assignment: Three impossibility results," Discussion Papers, Research Unit: Market Behavior SP II 2014-211, Social Science Research Center Berlin (WZB).
    20. Janine Balter & Michela Rancan & Olena Senyuta, 2014. "Truncation in the Matching Markets and Market Ineffciency," RSCAS Working Papers 2014/04, European University Institute.
    21. Alexander Nesterov, 2014. "Fairness and Efficiency in a Random Assignment: Three Impossibility Results," Working Papers 2014006, Berlin Doctoral Program in Economics and Management Science (BDPEMS).

    More about this item

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations

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