Showing 1 - 10 of 64
Participants in a market, buyers and sellers, may need the service of an intermediary who will put them into contact and give them information about their potential trading partner. The intermediary chooses what price it will charge to each side to have access to its service. It also chooses...
Persistent link: https://www.econbiz.de/10005134532
This paper studies the international portfolio flows of US investors to examine the information structure of international equity markets. We use an empirical model of portfolio flows with both public and private information to extract measures of trades due to private information. We find that...
Persistent link: https://www.econbiz.de/10005125533
We examine how much of the observed wage dispersion among similar workers can be explained as a consequence of a lack of coordination among employers. To do this, we construct a directed search model with homogenous workers but where firms can create either good or bad jobs, aimed at either...
Persistent link: https://www.econbiz.de/10005126186
This paper explores the trade-off between the short-term benefits of false quality advertisements against the longer term costs of reputation damage. A directed search model is constructed in which submarkets are created by the advertisements and reputations of sellers. A reputation system links...
Persistent link: https://www.econbiz.de/10005134460
leads to an equilibrium matching function. We argue that these allocations can be achieved in equilibrium if wages are … determined by ex post bidding. This holds true even in finite sized markets where the equilibrium matching function has …
Persistent link: https://www.econbiz.de/10005561074
This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several...
Persistent link: https://www.econbiz.de/10005412951
Based on administrative data from the federal employment office in Germany, we apply matching techniques to estimate …
Persistent link: https://www.econbiz.de/10005125736
first half of the paper, I present an equilibrium matching model where heterogeneous workers and firms learn about match … yields an assortative matching result that predicts a negative correlation between estimated person and firm effects, which … matching model implies a specific structure for the error covariance. I exploit this structure to test whether earnings …
Persistent link: https://www.econbiz.de/10005125778
Persistent link: https://www.econbiz.de/10005125814
game. Conversely, the set of repeated matching (or social) equilibria also includes some plays that are not part of any … definitions, as well as the relationship to renegotiation-proof equilibrium. It is possible for repeated matching equilibria to be …
Persistent link: https://www.econbiz.de/10005062336