Backward Unraveling over Time: The Evolution of Strategic Behavior in the Entry-Level British Medical Labor Markets
This study introduces a computational tool to analyze how a population of decision makers communicates and learns to coordinate to attain an equilibrium or a social convention in a two-sided matching game with incomplete information. Genetic algorithms are used in an environment where agents are heterogeneous and have private information. In the contexts of centralized and decentralized entry-level labor markets, evolution and adjustment paths of "unraveling" are explored using this tool. The situation of the Kagel and Roth (1997) laboratory experiment is generalized under a variety of markets and institutions. Evolution paths of unraveling are investigated, particularly for the historic entry-level British medical labor markets. As one result, it is demonstrated that "stability" need not be required for the success of a matching-mechanism under incomplete information in the long run. Evolutionary evidence is found to support the field success of unstable linear programming mechanisms used in Britain.
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- 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.
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- Alvin E. Roth & Elliott Peranson, 1999. "The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design," NBER Working Papers 6963, National Bureau of Economic Research, Inc.
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- Mongell, Susan & Roth, Alvin E, 1991. "Sorority Rush as a Two-Sided Matching Mechanism," American Economic Review, American Economic Association, vol. 81(3), pages 441-64, June.
- Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
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- Miller, John H., 1996. "The coevolution of automata in the repeated Prisoner's Dilemma," Journal of Economic Behavior & Organization, Elsevier, vol. 29(1), pages 87-112, January.
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