Hokari, Toru; Makioka, Shigeru; Yao, Masayuki - In: Economics Bulletin 33 (2013) 1, pp. 234-246
So-called “search equilibrium models” typically have multiple equilibria. In almost all studies on these models, only steady states are considered mainly because it is difficult to find non-stationary equilibria. This difficulty does not disappear even if we consider finite-horizon...