Targeted search in matching markets

• 成果类型: Article
• 署名作者: Cheremukhin, Anton; Restrepo-Echavarria, Paulina; Tutino, Antonella
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Dallas; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2019.104956
• 发表日期: 2020
• 关键词: search; matching; Endogenous randomness; preferences

摘要

We propose a parsimonious matching model where a person's choice of whom to meet endogenizes the degree of randomness in matching. The analysis highlights the interaction between a productive motive, driven by the surplus attainable in a match, and a strategic motive, driven by reciprocity of interest of potential matches. We find that the interaction between these two motives differs with preferences-vertical versus horizontal-and that this interaction implies that preferences recovered using our model can look markedly different from those recovered using a model where the degree of randomness is not endogenous. We illustrate these results using data on the U.S. marriage market and show that the model can rationalize the finding of aspirational dating. (C) 2019 Elsevier Inc. All rights reserved.