Research

My research combines microeconomic theory with laboratory experiments to study matching markets, information design, and educational choice. Click any “Key findings” card to flip it and see the main results.

Working Paper · Theory + Experiment

When Words Move Rankings: Strategic Messaging in Matching Markets

with Dr. Siqi Pan · 2024–Present

Centralised matching markets rely on candidate-proposing deferred acceptance to guarantee strategy-proofness and candidate-optimal outcomes. This paper studies whether pre-match messaging by firms undermines these guarantees. We build a model incorporating ego-utility, reciprocity, rejection aversion, and rank-dependent preferences, and test its predictions in a laboratory experiment with committed, uncommitted, and random-message treatments. Firms direct messages strategically, candidates respond by mis-reporting their rank-order lists in favour of the messaging firm, and market outcomes shift toward firm-optimal stable matchings. Pre-match communication is an accessible, low-risk manipulation that exploits behavioural biases strategy-proof mechanisms were not designed to withstand.

Key takeaway

“Even seemingly innocuous communication can undermine market designers’ objectives.”

Market designers should look beyond the mechanism and consider the broader environment.

↻ Click to flip

The mechanism

Stylised example: A candidate's preference is A ≻ B ≻ C, Assume Firm A is candidate-optimal match, and Firm C is firm-optimal.

Classical theory

Preference = ROL

1Firm A 2Firm B 3Firm C

matched · Firm A

the candidate-optimal match

strategy-proof candidate-optimal

Behavioural strategy

Firm C Candidate

Message the firm-optimal partner, before ROL submission

Behavioural response

ROL ≠ Preference

1Firm C 2Firm A 3Firm B

the candidate misreports in the messaging firm’s favour

Market outcome

matched · Firm C

the firm-optimal match

strategy-proof candidate-optimal

Pre-match messaging acts as a low-risk behavioural manipulation: candidates deviate from truth-telling to favour the messaging firm, shifting the equilibrium to a firm-optimal stable matching — both of the designer’s objectives fail.

↻ Click to flip back
Work in Progress · Theory + Experiment

Between Merit and the Coin Flip: Designing Selection in School Choice Problems

Solo-authored · 2026–Present

Selection mechanisms that rank candidates on exams, honours, or research output sort only on what they observe, yet job competence often has dimensions these signals miss. I study this trade-off in a matching tournament: high- and low-ability candidates split a fixed effort budget between observable signalling and unobserved soft-skill investment, and are hired assortatively by high- and low-quality firms on a noisy signal of that effort. A precise exam sorts more accurately but invites over-investment in signalling; a lottery removes that over-investment but sorts randomly, and a coarse exam approaches the lottery as noise increases. I show a precise exam raises welfare when the ability gap between candidates is large relative to the quality difference between firms; when the reverse holds, increasing exam noise raises welfare, and a lottery achieves the highest welfare in the limit. I test these predictions in a laboratory experiment that varies exam noise and the ability gap, and ask whether observed effort and welfare track the theoretical reversal or deviate from it, and if so, why.

In design stage

Work in Progress · Theory

Information Provision in School Choice: A Theoretical Perspective

with Dr. Georgy Artemov · 2024–Present

Students from low-socioeconomic (low-SES) backgrounds often face substantial information frictions in school choice. This paper examines the welfare implications of two types of information interventions — providing students with common information (CI) and group-specific information (GI) — in a many-to-one matching model with a continuum of students and a finite set of schools. We show that while CI and GI perform similarly when adopted on a small scale, GI strictly outperforms CI when information uptake is high. At scale, CI generates congestion externalities that reduce the benefit to informed low-SES students and hurt both high-SES and uninformed low-SES students. GI eliminates this congestion. These findings also hold when the district implements affirmative action policies.

Key findings

See the three main results from the model.

↻ Click to flip

Main results

  • Small scale: Common and group-specific information deliver similar welfare gains.
  • High uptake: Group-specific information strictly dominates — common information creates congestion that erodes its own benefits.
  • Policy: Policy-makers should promote information interventions which focus on heterogeneity in student preferences.
↻ Click to flip back
In Progress · Field

Closing the Gap: The Role of University Financial Aid Information on Students' Education Decisions

with Dr. Alexandra de Gendre and Dr. Siqi Pan · 2022–Present

This project studies how information about university financial aid shapes the educational decisions of high-school students in Victoria, Australia. We designed a tailored Financial Aid Calculator to deliver personalised information and used it to document — and address — the information gap facing rural Australian youth. The Honours thesis underpinning this project was awarded first place in the Deakin Essay Competition (2022) and received the highest score in the Economics Honours cohort.

Key findings

Flip to see what the information treatment changed.

↻ Click to flip

Main results

  • Information gap: Rural Australian youth substantially lack college-aid information.
  • Belief updating: A tailored information treatment shifted beliefs about aid accessibility and university affordability.
  • Going forward: Information provision can be a powerful tool to address educational disparities.
↻ Click to flip back