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In this paper we analyze large sample properties of matching estimators, which have found wide applicability in evaluation research despite that fact that their large sample properties have not been established in many cases. We show that standard matching estimators have biases in large samples that do not vanish in the standard asymptotic distribution if the dimension of the covariates is at least four, and in fact dominate the variance if the dimension of the covariates is at least five. Indoi:10.3386/t0283 fatcat:s4qsjmgvvbhfrahhr2otol5bhm