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Turnaround Time and Bottlenecks in Market Clearing: Decentralized Matching in the Market for Clinical Psychologists

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  • Roth, Alvin E
  • Xing, Xiaolin

Abstract

The potential transactions evaluated in labor markets before equilibrium is identified involve rejected offers. After an initial phase in which many offers can be made simultaneously, a new offer cannot be made until an outstanding offer is rejected, so even a small time required to process offers and rejections may cause bottlenecks. In many labor markets, this means that transactions have to be finalized before the market clears. A firm needs to consider the likelihood that its offer will be accepted, since if its offer is rejected other potential employees may become unavailable in the interim. The analysis is carried out in connection with the market for clinical psychologists. Copyright 1997 by the University of Chicago.

Suggested Citation

  • 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.
    • Handle: RePEc:ucp:jpolec:v:105:y:1997:i:2:p:284-329
    DOI: 10.1086/262074
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    References listed on IDEAS

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    1. Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
    2. Roth, Alvin E, 1986. "On the Allocation of Residents to Rural Hospitals: A General Property of Two-Sided Matching Markets," Econometrica, Econometric Society, vol. 54(2), pages 425-427, March.
    3. Roth, Alvin E & Xing, Xiaolin, 1994. "Jumping the Gun: Imperfections and Institutions Related to the Timing of Market Transactions," American Economic Review, American Economic Association, vol. 84(4), pages 992-1044, September.
    4. 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.
    5. Roth, Alvin E & Vande Vate, John H, 1990. "Random Paths to Stability in Two-Sided Matching," Econometrica, Econometric Society, vol. 58(6), pages 1475-1480, November.
    6. Pollak, Robert A, 1994. "For Better or Worse: The Roles of Power in Models of Distribution within Marriage," American Economic Review, American Economic Association, vol. 84(2), pages 148-152, May.
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