The Matching Market
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- A number of physicians will finish their medical residency in a couple of years.
- Each medical resident wants a hospital job at graduation.
- A high-quality hospital is better than a low-quality hospital, which is better than no job.
- Residents differ in their exact ranking of hospitals.
- Each hospital wants to hire one graduating resident.
- A high quality resident is better than a low quality resident, which is better than not hiring.
- Hospitals differ in their exact ranking of residents.
- Everyone knows everyone’s quality.
- Each year—up to and including graduation year— a hospital can make a job offer to at most 1 resident, or may pass.
- If a resident has not already accepted a job, she may accept at most 1 job offer, or may pass on all.
- A resident who has already accepted a job (automatically) rejects any new job offer.
- Hospitals do not know which residents have already accepted a job.
- Graduation year is the last year of matching.
- Hospitals: Each year:
- To make no offers: press Pass.
- To make an offer: choose the resident and press Submit.
- Residents: Each year:
- Any current offers are in blue.
- To reject all Offers: press Pass.
- To Accept an Offer: Select offer and press Submit.
- Screen shows your payoff from matching with each potential partner
- If you match before graduation year, lose 10 points for each year early
- Payoff is 0 if you do not match