Unraveling yields inefficient matchings: evidence from post‐season college football bowls
研究大学橄榄球季后赛匹配时间对效率的影响，发现1992年后推迟匹配提高了电视收视率，主要因为能产生更多冠军赛。
Many markets have “unraveled” and experienced inefficient, early, dispersed transactions, and subsequently developed institutions to delay transaction timing. It has previously proved difficult, however, to measure and identify the resulting efficiency gains. Prior to 1992, college football teams were matched for post‐season play up to several weeks before the end of the regular season. Since 1992, the market has reorganized to postpone this matching. We show that the matching of teams affects efficiency as measured by the resulting television viewership, and that the reorganization promoted more efficient matching, chiefly as a result of the increased ability of later matching to produce “championship” games.