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Microeconomics Research Workshop: Invariance and Matching Market Outcomes

Dates:
  • Tue 20 Feb 2018 13.30 - 14.45
  Add to Calendar 2018-02-20 13:30 2018-02-20 14:45 Europe/Paris Microeconomics Research Workshop: Invariance and Matching Market Outcomes

Empirical analyses of school choice report standard statistics of student outcomes that are the same for a variety of different mechanisms. This paper explains this puzzle as being driven by two factors: market size and the invariance properties of the statistics for which the equivalence has been observed. In large markets, strategy-proof and efficient mechanisms lead to asymptotically the same realized outcome statistics. Furthermore, many standard mechanisms—such as serial dictatorship or top trading cycles—lead to the same expected outcome-statistics already in finite markets under the additional assumption that the distributions of preferences are exchangeable.

Seminar Room - Villa La Fonte DD/MM/YYYY
  Seminar Room - Villa La Fonte

Empirical analyses of school choice report standard statistics of student outcomes that are the same for a variety of different mechanisms. This paper explains this puzzle as being driven by two factors: market size and the invariance properties of the statistics for which the equivalence has been observed. In large markets, strategy-proof and efficient mechanisms lead to asymptotically the same realized outcome statistics. Furthermore, many standard mechanisms—such as serial dictatorship or top trading cycles—lead to the same expected outcome-statistics already in finite markets under the additional assumption that the distributions of preferences are exchangeable.


Location:
Seminar Room - Villa La Fonte

Affiliation:
Department of Economics

Type:
Workshop

Speaker:
Prof. Marek Pycia (University of Zurich)

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