We present a theoretical explanation of inefficient early matching in
matching markets. Our explanation is based on strategic complementarities
and strategic unraveling. We identify a negative externality imposed
on the rest of the market by agents who make early offers. As a
consequence,
an agent may make an early offer because she is concerned that others
are making early offers. Yet other agents make early offers because
they are concerned that others worry about early
offers; and so on and so forth. The end result is that any given agent is
more likely to make an early offer than a late offer.