Unravelling of Dynamic Sorting
研究了一个两期有限期界的搜索匹配模型，发现当参与成本极小时，市场排序功能丧失，几乎所有代理人都会在第一轮匆忙匹配并退出。
We consider a two-sided, finite-horizon search and matching model with heterogeneous types and complementarity between types. The quality of the pool of potential partners deteriorates as agents who have found mutually agreeable matches exit the market. When search is costless and all agents participate in each matching round, the market performs a sorting function in that high types of agents have multiple chances to match with their peers. However, this sorting function is lost if agents incur an arbitrarily small cost in order to participate in each round. With a sufficiently rich type space, the market unravels as almost all agents rush to participate in the first round and match and exit with anyone they meet. © 2005 The Review of Economic Studies Limited.