This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from …

We study the impact on asset prices of illiquidity associated with search and bargaining in an economy in which agents … find each other more easily. Prices become Walrasian as investors' or marketmakers' search intensities get large …. Endogenizing search intensities yields natural welfare implications. Information can fail to be revealed through trading when …

We study the impact on asset prices of illiquidity associated with search and bargaining in an economy in which agents … find each other more easily. Prices become Walrasian as investors' or marketmakers' search intensities get large …. Endogenizing search intensities yields natural welfare implications. Information can fail to be revealed through trading when …

In this paper, we develop a search-based model of asset trading. We assume that investors differ in their horizons, and … can invest in two identical assets. The asset markets are partially segmented: investors can search in only one market … ``liquid" market has higher volume and prices, and lower search times for buyers and sellers. The clientele equilibrium …

This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from …

In this paper, we develop a search-based model of asset trading. We assume that investors differ in their horizons, and … can invest in two identical assets. The asset markets are partially segmented: investors can search in only one market … ``liquid" market has higher volume and prices, and lower search times for buyers and sellers. The clientele equilibrium …

search. Sellers simultaneously post prices and decide whether or not to incur an exogenous cost to advertise their price … increases in either search or advertising costs are reflected in higher equilibrium prices. To test the predictions regarding … the level and dispersion of prices and advertising intensity, we vary the costs of search and advertising as well as the …

We study how firm boundaries are affected by the reduction in search costs when business-to-business electronic markets … are adopted. Our paper analyzes a multi-tier industry in which upstream parts suppliers incur procurement search costs … integrates search theory into the hidden-action principal-agent model and characterize the optimal contract, showing that the …

search frictions. We consider a homogeneous population where each agent, in every period, has a choice between specializing … partners. They may be found in a decentralized search market, but search takes time. Merchants set up trading posts where they … merchant's trading post must be discovered through search, producers who are informed of the location of a trading post have …