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Marketplace Institutions Related to the Timing of Transactions

Alvin Roth ()

No 16556, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This note describes the unraveling of transaction dates in several markets, including the labor markets for new lawyers hired by large law firms and for gastroenterology fellows, and the market for post-season college football bowls. Together these will illustrate that unraveling can occur in markets with competitive prices, that it can result in substantial inefficiencies, and that marketplace institutions play a role in restoring efficiency. I'll conclude with open questions about the role of marketplace institutions and the timing of transactions.

JEL-codes: D02 D43 (search for similar items in EconPapers)
Date: 2010-11
Note: LS
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Published as Roth, Alvin E., ‘‘ Marketplace institutions related to the timing of transactions: reply to Priest (2010), ’’ Journal of Labor Economics , 30, 2 (April ), 2012, 479 - 494

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Handle: RePEc:nbr:nberwo:16556