“…For example, the new arrivals may be unobserved agents, due to the imperfection of information in the first period. In student-job matching, the new arrivals can be new job openings on one side, 1 Wetz, Seelig, Khoueiry, and Weiserbs (2010) estimate that in 2007 one in five resident positions in primary care specialties was offered outside of the centralized National Resident Matching Program (NRMP); the data in Wetz, Seelig, Khoueiry, and Weiserbs (2010) suggests that unraveling still exists in the medical resident market, reminiscent of the situation before the introduction of NRMP.…”