Similar Search Results

Damiano, Ettore; Li, Hao - Econometric Society - 2004

We consider a two-sided, finite-horizon search and matching model with heterogeneous types and complementarity between … the market. When search is costless and all agents participate in each matching round, the market performs a sorting …

Persistent link: https://www.econbiz.de/10005328853

Search and Endogenous Intermediation: A Model of the Merchant Trader

Sengupta, Abhijit; Bose, Gautam - Econometric Society - 2004

Specialist merchants and traders---agents who mediate the transfer of goods and services between producers and consumers---are central to the economic process, but there are few theoretical models in which the institution of intermediation is an endogenous part of an equilibrium. This paper...

Persistent link: https://www.econbiz.de/10005702580

Double-Holdups in a Matching Model with Search Frictions and Endogenous Heterogeneity

Navarro, Lucas - Econometric Society - 2004

random matching model with endogenous heterogeneity. I analyze the efficiency properties of the equilibrium and find that in …

Persistent link: https://www.econbiz.de/10005328902

Matching and Price Competition

Levin, Jonathan; Bulow, Jeremy - Econometric Society - 2004

We develop a model in which firms set their salary levels before matching with workers. Wages fall relative to any … recent antitrust case against the National Residency Matching Program in light of our results …

Persistent link: https://www.econbiz.de/10005328996

A Theoretical Foundation for Bilateral Matching Mechanisms

Aliprantis, C.D.; Camera, G. - Econometric Society - 2004

This work introduces a rigorous set-theoretic foundation of bilateral matching mechanisms and studies their properties … in a systematic manner. By providing a unified framework to study ilateral matching mechanisms, we formalize how … different spatial/informational constraints can be implemented via a careful selection of matching mechanisms. In particular …

Persistent link: https://www.econbiz.de/10005063736

Optimum Consumption and Portfolio Allocations under Incomplete Information

Roche, Herve - Econometric Society - 2004

We solve in closed form the optimal consumption / portfolio choice problem for the class of isoelastic utility functions under incomplete information about the mean return of the stock price. Our approach consists in converting the original investor's problem into an equivalent program where the...

Persistent link: https://www.econbiz.de/10005129785

General Rationalizability and Its Robustness for Strategic Form Games with Incomplete Information

Hu, Tai-Wei - Econometric Society - 2004

We extend the $\Delta$-rationalizability (see Battigalli and Siniscalchi 2003) to infinite strategic form games with incomplete information. The most important feature of the $\Delta$-rationalizability is that there is no specified epistemic type space \`{a} la Harsanyi. However, we can impose a...

Persistent link: https://www.econbiz.de/10005702725

Efficient Delegation by an Informed Principal

Gresik, Thomas A.; Bond, Eric W. - Econometric Society - 2004

Consider the case of a firm with private valuation information bargaining with a supplier over the price and quantity of a good. If the firm and the supplier bargain directly, the bargaining outcome may not yield a first-best outcome due to the presence of information rents. The question we...

Persistent link: https://www.econbiz.de/10005328937

Liquidity Premia in Dynamic Bargaining Markets

duffie - Econometric Society - 2004

This paper develops a search-theoretic model of the cross-sectional distribution of asset returns. It abstracts from risk premia and focuses exclusively on liquidity. A float-adjusted return model (FARM) is derived, explaining the pricing of liquidity with a simple linear formula: In...

Persistent link: https://www.econbiz.de/10005328954

Search and Endogenous Concentration of Liquidity in Asset Markets

dvayanos - Econometric Society - 2004

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, but can decide which one. We show that there exist a...

Persistent link: https://www.econbiz.de/10005329007