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We investigate a canonical search-theoretic model without entry. Two agents are randomly matched with a long side being …
Persistent link: https://www.econbiz.de/10010678871
This chapter surveys the literature on the microstructure of housing markets. It considers one-sided search, random … matching, and directed search models. It also examines the bargaining that takes place once a match has occurred, with the … bargaining taking various forms, including two-party negotiations of different types and multiparty housing auctions. The chapter …
Persistent link: https://www.econbiz.de/10014025302
Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand … the elasticity of the matching function. …
Persistent link: https://www.econbiz.de/10008468515
proportion of low search cost consumers increases. …
Persistent link: https://www.econbiz.de/10005437864
economic models of sequential collection of costly information have focused on price-search. It is argued that this is a very … specialized type of search. This has led such models to focus on the issue of when search should stop. The article attempts to … show how the principles of sequential search can be applied to other types of problems, such as innovation, where the …
Persistent link: https://www.econbiz.de/10005471709
A decision maker (DM) considers the acquisition of a multi-attribute object with uncertain qualities which can be discovered at a cost. DM's problem is to decide how much to invest in the discovery and whether to adopt or discard based on partial information. We characterize the solution in some...
Persistent link: https://www.econbiz.de/10011117130
are also ‘foes,’ because at the later stage the venture capitalists no longer need the angels. Using a costly search model …
Persistent link: https://www.econbiz.de/10011208267
Firms simultaneously set prices in a homogeneous-product market where uninformed consumers search for price information …. Some uninformed consumers are “local” searchers who visit only one seller, whereas others search sequentially with an … benefits all consumers. A reduction in search cost sometimes leads to higher equilibrium prices. …
Persistent link: https://www.econbiz.de/10011051624
We study equilibria of dynamic over-the-counter markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and offers. Investors differ with respect to information quality, including initial information precision, and also in...
Persistent link: https://www.econbiz.de/10011042991
We study the efficiency of liquidity provision by dealers and the desirability of policy intervention in over-the-counter (OTC) markets during crises. We emphasizes two OTC frictions: finding counterparties takes time, and trade is bilateral and involves bargaining. We model a crisis as a shock...
Persistent link: https://www.econbiz.de/10011042999