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https://doi.org/10.1287/mnsc.2018.3201
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Self-Confidence and Unraveling in Matching Markets
[Zeitschriftenartikel]
Abstract We document experimentally how biased self-assessments affect the outcome of labor markets. In the experiments, we exogenously manipulate the self-confidence of participants in the role of workers regarding their relative performance by employing hard and easy real-effort tasks. Participants in the ... mehr
We document experimentally how biased self-assessments affect the outcome of labor markets. In the experiments, we exogenously manipulate the self-confidence of participants in the role of workers regarding their relative performance by employing hard and easy real-effort tasks. Participants in the role of firms can make offers before information about the workers’ performance has been revealed. Such early offers by firms are more often accepted by workers when the real-effort task is hard than when it is easy. We show that the treatment effect works through a shift in beliefs; that is, under-confident agents are more likely to accept early offers than overconfident agents. The experiment identifies a behavioral determinant of unraveling, namely biased self-assessments. The treatment with the hard task entails more unraveling and thereby leads to lower efficiency and less stability, and it shifts payoffs from high- to low-quality firms.... weniger
Klassifikation
Volkswirtschaftslehre
Freie Schlagwörter
experiment; firm strategy; labor markets; market unraveling; self-confidence
Sprache Dokument
Englisch
Publikationsjahr
2019
Seitenangabe
S. 5603-5618
Zeitschriftentitel
Management Science, 65 (2019) 12
Handle
https://hdl.handle.net/10419/209668
ISSN
1526-5501
Status
Postprint; begutachtet (peer reviewed)
Lizenz
Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung