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Two-Sided Markets: Theory and Applications (Nobel Memorial Prize in Economics 2012)

Author

Listed:
  • E. Zhelesova
  • S. Izmalkov
  • K. Sonin
  • I. Khovanskaya

Abstract

The paper provides an overview of major results in the theory of two-sided markets that brought the 2012 Nobel Memorial Prize in economics to Lloyd Shapley and Alvin Roth. We describe the celebrated Gale & Shapley deferred acceptance algorithm and Shapley & Scarf top trading cycles algorithm in applications to marriage and college admissions markets, and provide simple examples to illustrate the basic mechanics of these algorithms. We also explain how Gale & Shapley algorithm can be used to improve efficiency of college admission in Russia.

Suggested Citation

  • E. Zhelesova & S. Izmalkov & K. Sonin & I. Khovanskaya, 2013. "Two-Sided Markets: Theory and Applications (Nobel Memorial Prize in Economics 2012)," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 1.
    • Handle: RePEc:nos:voprec:y:2013:id:495
    DOI: 10.32609/0042-8736-2013-1-4-26
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