Efficiency and Stability in Large Matching Markets
Yeon-Koo Che
(1)
,
Olivier Tercieux
(2, 3)
Olivier Tercieux
- Fonction : Auteur
- PersonId : 1183578
Résumé
We study Pareto efficient mechanisms in matching markets when the number of agents is large and individual preferences are randomly drawn from a class of distributions, allowing for both common and idiosyncratic shocks. We provide a broad set of circumstances under which, as the market grows large, all Pareto efficient mechanisms—including top trading cycles (with an arbitrary ownership structure), serial dictatorship (with an arbitrary serial order), and their randomized variants—produce a distribution of agent utilities that in the limit coincides with the utilitarian upper bound. This implies that Pareto efficient mechanisms are uniformly asymptotically payoff equivalent “up to the renaming of agents.” Hence, when the conditions of our model are met, policy makers need not discriminate among Pareto efficient mechanisms based on the aggregate payoff distribution of participants.
Domaines
Economies et financesFormat du dépôt | Notice |
---|---|
Type de dépôt | Article dans une revue |
Résumé |
en
We study Pareto efficient mechanisms in matching markets when the number of agents is large and individual preferences are randomly drawn from a class of distributions, allowing for both common and idiosyncratic shocks. We provide a broad set of circumstances under which, as the market grows large, all Pareto efficient mechanisms—including top trading cycles (with an arbitrary ownership structure), serial dictatorship (with an arbitrary serial order), and their randomized variants—produce a distribution of agent utilities that in the limit coincides with the utilitarian upper bound. This implies that Pareto efficient mechanisms are uniformly asymptotically payoff equivalent “up to the renaming of agents.” Hence, when the conditions of our model are met, policy makers need not discriminate among Pareto efficient mechanisms based on the aggregate payoff distribution of participants.
|
Titre |
en
Efficiency and Stability in Large Matching Markets
|
Auteur(s) |
Yeon-Koo Che
1
, Olivier Tercieux
2, 3
1
Columbia University [New York]
( 75524 )
- Columbia University in the City of New York, 2960 Broadway, New York, NY 10027-6902
- États-Unis
2
PJSE -
Paris Jourdan Sciences Economiques
( 1171428 )
- 48 boulevard Jourdan 75014 Paris
- France
3
PSE -
Paris School of Economics
( 301309 )
- 48 boulevard Jourdan 75014 Paris
- France
|
Volume |
127
|
Numéro |
5
|
Page/Identifiant |
2301-2342
|
Langue du document |
Anglais
|
Nom de la revue |
|
Vulgarisation |
Non
|
Comité de lecture |
Oui
|
Audience |
Internationale
|
Date de publication |
2019
|
Domaine(s) |
|
Projet(s) ANR |
|
DOI | 10.1086/701791 |
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