Invariance and Matching Market Outcomes
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Abstract:
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.

View the related paper: pycia.bol.ucla.edu/pycia-invariance.pdf
Date: 2 February 2018, 14:15 (Friday, 3rd week, Hilary 2018)
Venue: Manor Road Building, Manor Road OX1 3UQ
Venue Details: IT Room
Speaker: Marek Pycia (UCLA)
Organising department: Department of Economics
Part of: Nuffield Economic Theory Seminar
Booking required?: Not required
Audience: Members of the University only
Editors: Erin Saunders, Anne Pouliquen