We consider two-sided matching markets, and study the incentives of agents to circumvent a centralized clearing house by signing binding contracts with one another. It is well-known that if the clearing house implements a stable match and preferences are known, then no group of agents can profitably deviate in this manner. We ask whether this property holds even when agents have incomplete info...

From 1863-1914, banks in the U.S. could issue notes subject to full collateral, a per-period tax on outstanding notes, redemption of notes on demand, and a clearing fee per issued note cleared through the Treasury. The system failed to satisfy a purported arbitrage condition; i.e., the yield on collateral exceeded the tax rate plus the product of the clearing fee and the average clearing rate o...

Optical clearing allows the reduction of light scattering in biological tissue, enabling 3D morphological information to be obtained deep within tissue using techniques such as optical projection tomography and light sheet microscopy. However, the extent of the clearing is dependent on the technique that is used. There is therefore a need for methods to quantify the quality of the clearing proc...