Suppose that red and blue points form independent homogeneous Poisson processes of equal intensity in $${{\mathbb {R}}}^d$$
R
d
. For a positive (respectively, negative) parameter $$\gamma $$
γ
we consider red-blue matchings that locally minimize (respectively, maximize) the sum of $$\gamma $$
γ
th powers of the edge lengths, subject to locally minimizing the number of unmatched points. The parameter can be viewed as a measure of fairness. The limit $$\gamma \rightarrow -\infty $$
γ
→
-
∞
is equivalent to Gale-Shapley stable matching. We also consider limits as $$\gamma $$
γ
approaches 0, $$1-$$
1
-
, $$1+$$
1
+
and $$\infty $$
∞
. We focus on dimension $$d=1$$
d
=
1
. We prove that almost surely no such matching has unmatched points. (This question is open for higher d). For each $$\gamma <1$$
γ
<
1
we establish that there is almost surely a unique such matching, and that it can be expressed as a finitary factor of the points. Moreover, its typical edge length has finite rth moment if and only if $$r<1/2$$
r
<
1
/
2
. In contrast, for $$\gamma =1$$
γ
=
1
there are uncountably many matchings, while for $$\gamma >1$$
γ
>
1
there are countably many, but it is impossible to choose one in a translation-invariant way. We obtain existence results in higher dimensions (covering many but not all cases). We address analogous questions for one-colour matchings also.