Matching in closed-form: equilibrium, identification, and comparative statics
This paper provides closed-form formulas for a multidimensional two-sided matching problem with transferable utility and heterogeneity in tastes. When the matching surplus is quadratic, the marginal distributions of the characteristics are normal, and when the heterogeneity in tastes is of the conti...
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| Veröffentlicht in: | Economic theory 2016-04, Vol.61 (4), p.587-609 |
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| creator | Bojilov, Raicho Galichon, Alfred |
| description | This paper provides closed-form formulas for a multidimensional two-sided matching problem with transferable utility and heterogeneity in tastes. When the matching surplus is quadratic, the marginal distributions of the characteristics are normal, and when the heterogeneity in tastes is of the continuous logit type, as in Choo and Siow (J Polit Econ 114:172–201, 2006), we show that the optimal matching distribution is also jointly normal and can be computed in closed form from the model primitives. Conversely, the quadratic surplus function can be identified from the optimal matching distribution, also in closed-form. The closed-form formulas make it computationally easy to solve problems with even a very large number of matches and allow for quantitative predictions about the evolution of the solution as the technology and the characteristics of the matching populations change. |
| doi_str_mv | 10.1007/s00199-016-0961-8 |
| format | Article |
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When the matching surplus is quadratic, the marginal distributions of the characteristics are normal, and when the heterogeneity in tastes is of the continuous logit type, as in Choo and Siow (J Polit Econ 114:172–201, 2006), we show that the optimal matching distribution is also jointly normal and can be computed in closed form from the model primitives. Conversely, the quadratic surplus function can be identified from the optimal matching distribution, also in closed-form. 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| ispartof | Economic theory, 2016-04, Vol.61 (4), p.587-609 |
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| subjects | Analysis Capital investments Comparative analysis Consumer preferences Econometrics Economic models Economic theory Economic Theory/Quantitative Economics/Mathematical Methods Economics Economics and Finance Equilibrium Equilibrium (Economics) Forecasts and trends Game Theory Gaussian distributions Market equilibrium Market surplus Matching concept Mathematical analysis Matrices Microeconomics Population characteristics Population dynamics Prices Pricing Public Finance Research Article Setting Social and Behav. Sciences Studies Supply & demand Surplus |
| title | Matching in closed-form: equilibrium, identification, and comparative statics |
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