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at the time of application, and (iii) matching between colleges and students takes place in a decentralized setting. We … monotone in types, and we construct a robust example to show that this can lead to a failure of assortative matching in … equilibrium. More importantly, we prove that a unique equilibrium with assortive matching exists provided application costs are …
Persistent link: https://www.econbiz.de/10005090730
), and Lagos and Wright (2005) respectively. We Â…nd that the multilateral matching setting generates very simple and …
Persistent link: https://www.econbiz.de/10005069230
Reputation systems have emerged as important sources of information in modern economies. This paper develops a model of reputation systems that puts buyers and sellers inside a stochastic environment involving asymmetric information and search frictions, and gives them a set of options with...
Persistent link: https://www.econbiz.de/10004970353
We consider a model economy populated by risk-neutral firms with multiple vacancies and risk-averse workers. Following the implicit contract literature, we assume that workers have limited access to the intertemporal trade markets. Following the directed search literature, we assume that...
Persistent link: https://www.econbiz.de/10005090738
Monetary search models are difficult to analyze unless the distribution of money holdings is made degenerate. Popular techniques include using an infinitely large household (Shi 1997) and adding a centralized market with quasi-linear utility (Lagos and Wright 2005). Wallace (2002) suggests as an...
Persistent link: https://www.econbiz.de/10005090760
Persistent link: https://www.econbiz.de/10005069411
Persistent link: https://www.econbiz.de/10005051389
rewards if they do not transact in the meantime. We characterize the equilibrium steady state matching pattern and compare … this to the constrained efficient matching pattern. We also characterize the joint distribution of price and time to sale …
Persistent link: https://www.econbiz.de/10004970343
both the vacancy-unemployment ratio and employment. We show that the standard version of the Mortensen-Pissarides matching … the matching model with sunk costs, new job openings react sluggishly to shocks, leading to highly realistic dynamics …
Persistent link: https://www.econbiz.de/10005090788
Persistent link: https://www.econbiz.de/10005090815