Aftermarket Frictions and the Cost of Off-Platform Options in Centralized Assignment Mechanisms
研究智利高等教育集中平台扩张对学生毕业率和福利的影响，发现平台扩大提高了按时毕业率，且对低收入学生获益更大。
We study the welfare and human capital impacts of colleges’ (non)participation in Chile’s centralized higher-education platform, leveraging administrative data and two policy changes: the introduction of a large scholarship program and the inclusion of additional institutions, which raised the number of on-platform slots by approximately 40%. We first show that the expansion of the platform raised on-time graduation rates. We then develop and estimate a model of college applications, offers, wait lists, matriculation, and graduation. When the platform expands, welfare increases, and welfare, enrollment, and graduation rates are less sensitive to off-platform frictions. Gains are larger for students from lower-socioeconomic-status backgrounds.