Publication: Marketplace Institutions Related to the Timing of Transactions: Reply to Priest (2010)
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Date
2012
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University of Chicago Press
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Roth, Alvin E. "Marketplace Institutions Related to the Timing of Transactions." Journal of Labor Economics 30, no. 2 (April 2012).
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. (All of these contradict the conclusions of Priest, 2010). I’ll conclude with open questions about the role of marketplace institutions and the timing of transactions.
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