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College Admissions and the Role of Information: An Experimental Study

Author

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  • Joana Pais
  • Agnes Pinter
  • Robert F. Veszteg

Abstract

We analyze two well-known matching mechanisms--the Gale-Shapley, and the Top Trading Cycles (TTC) mechanisms--in theexperimental lab in three different informational settings, and study the role of information in individual decision making. Our results suggest that--in line with the theory--in the college admissions model the Gale-Shapley mechanism outperforms the TTC mechanisms in terms of efficiency and stability, and it is as successful as the TTC mechanism regarding the proportion of truthful preference revelation. In addition, we find that information has an important effect on truthful behavior and stability. Nevertheless, regarding efficiency, the Gale-Shapley mechanism is less sensitive to the amount of information participants hold.

Suggested Citation

  • Joana Pais & Agnes Pinter & Robert F. Veszteg, 2008. "College Admissions and the Role of Information: An Experimental Study," ISER Discussion Paper 0707, Institute of Social and Economic Research, The University of Osaka.
    • Handle: RePEc:dpr:wpaper:0707
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    File URL: https://www.iser.osaka-u.ac.jp/static/resources/docs/dp/2008/DP0707.pdf
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    JEL classification:

    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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