MATCHING IN INFORMAL FINANCIAL INSTITUTIONS
研究非正规金融机构中异质代理人如何分组匹配，发现参与者能有效分类并在监管变化后迅速重新匹配，表明竞争匹配模型在其他场景也有解释力。
This paper analyzes an informal financial institution that brings heterogeneous agents together in groups. We analyze decentralized matching into these groups, and the equilibrium composition of participants that consequently arises. We find that participants sort remarkably well across the competing groups, and that they re-sort immediately following an unexpected exogenous regulatory change. These findings suggest that the competitive matching model might have applicability and bite in other settings where matching is an important equilibrium phenomenon..