We study matching policies in a dynamic exchange market with random compatibility, in which some agents are easier to match than others. In steady state this asymmetry creates an endogenous imbalance: hard-to-match agents wait for partners, while easy-to-match agents can match almost immediately...

Waitlists are commonly used to allocate scarce resources such as organs. Waitlist policies attempt to ensure fairness toward agents who wait longer by assigning them priority points (`a la first-come first-served). We show that such point systems can lead to severe inequality across the...