JUMPING THE CURSE: EARLY CONTRACTING WITH PRIVATE INFORMATION IN UNIVERSITY ADMISSIONS

• 成果类型: Article
• 署名作者: Lee, Sam-Ho
• 署名单位: University of Western Australia
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2008.00522.x
• 发表日期: 2009
• 页码: 1-38
• 关键词: market

摘要

This article introduces a new model of early contracting. Employers who have private information about the applicant's ability worry that applicants who accept their offer are precisely those who were not offered other jobs. To avoid this winner's curse, employers anticipate the time of contracting. The model is developed in the context of university admissions, and is shown to be consistent with several stylized facts in that market. We show that, in contrast to received wisdom, allocative efficiency may be improved by the presence of early contracting.