Backward Unraveling over Time: The Evolution of Strategic Behavior in the Entry-Level British Medical Labor Markets
This paper studies an adaptive artificial agent model using a genetic algorithm to analyze how a population of decision-makers learns to coordinate on the selection of an equilibrium or a social convention in a two-sided matching game. In the contexts of centralized and decentralized entry-level labor markets, evolution and adjustment paths of unraveling are explored using this model in an environment inspired by the Kagel and Roth (Quarterly Journal of Economics, 2000) experimental study. As an interesting result, it is demonstrated that stability need not be required for the success of a matching mechanism under incomplete information in the long run.
|Date of creation:||04 Jul 1999|
|Date of revision:||16 Jul 1999|
|Note:||This study won one of the two Graduate Student Prizes awarded by the Society for Computational Economics in 1999. This is a revised draft dated June, 2000.|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- M. Utku Ünver, 2005.
"On the survival of some unstable two-sided matching mechanisms,"
International Journal of Game Theory,
Springer;Game Theory Society, vol. 33(2), pages 239-254, 06.
- M. Utku Ünver, 2001. "On the Survival of Some Unstable Two-Sided Matching Mechanisms," Experimental 0111001, EconWPA, revised 01 Nov 2003.
- 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.
- 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.
- 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.
- Elliott Peranson & Alvin E. Roth, 1999. "The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design," American Economic Review, American Economic Association, vol. 89(4), pages 748-780, September.
- Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
- Colin Camerer & Teck-Hua Ho, 1999. "Experience-weighted Attraction Learning in Normal Form Games," Econometrica, Econometric Society, vol. 67(4), pages 827-874, July.
- Roth, Alvin E, 1991. "Game Theory as a Part of Empirical Economics," Economic Journal, Royal Economic Society, vol. 101(404), pages 107-14, January.
- 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.
- Sonmez, Tayfun, 1999. "Can Pre-arranged Matches Be Avoided in Two-Sided Matching Markets?," Journal of Economic Theory, Elsevier, vol. 86(1), pages 148-156, May.
- Li, Hao & Rosen, Sherwin, 1998. "Unraveling in Matching Markets," American Economic Review, American Economic Association, vol. 88(3), pages 371-87, June.
- 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.
- 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.
- John H. Kagel & Alvin E. Roth, 2000. "The Dynamics of Reorganization in Matching Markets: A Laboratory Experiment Motivated by a Natural Experiment," The Quarterly Journal of Economics, Oxford University Press, vol. 115(1), pages 201-235.
- Andreoni James & Miller John H., 1995. "Auctions with Artificial Adaptive Agents," Games and Economic Behavior, Elsevier, vol. 10(1), pages 39-64, July.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpga:9907001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.