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|
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- 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.
- 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.
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"The Redesign of the Matching Market for American Physicians: Some Engineering Aspects of Economic Design,"
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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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"On the survival of some unstable two-sided matching mechanisms,"
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- M. Utku Ünver, 2001. "On the Survival of Some Unstable Two-Sided Matching Mechanisms," Experimental 0111001, EconWPA, revised 01 Nov 2003.
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