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Structural Analysis of Nonlinear Pricing

Luo, Yao; Perrigne, Isabelle; Vuong, Quang - University of Toronto, Department of Economics - 2014

This paper proposes a methodology for analyzing nonlinear pricing data with an illustration on cellular phone. The model incorporates consumer exclusion. Assuming a known tariff, we establish identification of the model primitives using the first-order conditions of both the firm and the...

Persistent link: https://www.econbiz.de/10011132477

Applications and Interviews: Firms' Recruiting Decisions in a Frictional Labor Market

Wolthoff, Ronald - University of Toronto, Department of Economics - 2014

I develop a directed search model of the labor market in which firms choose a recruiting intensity, determining the number of applicants they will interview. Interviewing applicants is costly but reveals their productivity, allowing the firm to hire better workers. I characterize the equilibrium...

Persistent link: https://www.econbiz.de/10010960209

Search Theory; Current Perspectives

Shi, Shouyong - University of Toronto, Department of Economics - 2006

In this article I briefly review recent developments in search theory. Particular attention is given to the framework of directed search. I first illustrate the inefficiency that arises in the equilibrium of standard (undirected) search models. Then I provide a formulation of directed search and...

Persistent link: https://www.econbiz.de/10005704723

Welfare Improvement from Restricting the Liquidity of Nominal Bonds

Shi, Shouyong - University of Toronto, Department of Economics - 2006

In this paper I examine whether a society can improve welfare by imposing a legal restriction to forbid the use of nominal bonds as a means of payments for goods. To do so, I integrate a microfounded model of money with the framework of limited participation. While the asset market is Walrasian,...

Persistent link: https://www.econbiz.de/10005704724

Money, Price Dispersion and Welfare

Peterson, Brian; Shi, Shouyong - University of Toronto, Department of Economics - 2006

We introduce heterogeneous preferences into a tractable model of monetary search to generate price dispersion, and then examine the effects of money growth on price dispersion and welfare. With buyers' search intensity fixed, we find that money growth increases the range of (real) prices and...

Persistent link: https://www.econbiz.de/10005704728

Budget-Constrained Sequential Auctions with Incomplete Information

Pitchik, Carolyn - University of Toronto, Department of Economics - 2008

bidding functions may exist that differ in allocation, efficiency and revenue. The sequence of sale affects the competition …

Persistent link: https://www.econbiz.de/10005704760

Pricing and Signaling with Frictions

Delacroix, Alain; Shi, Shouyong - University of Toronto, Department of Economics - 2007

efficiency of two pricing mechanisms, price posting and bargaining. Each seller chooses investment that determines the quality of … mechanism affects efficiency through the choice of quality and the number of trades. Bargaining induces the efficient choice of … conflict with their role in signaling quality. Focusing on this conflict, we find that bargaining could yield higher efficiency …

Persistent link: https://www.econbiz.de/10005704820

Frictional Assignment, Part II: Infinite Horizon and Inequality

Shi, Shouyong - University of Toronto, Department of Economics - 2002

In this paper I study the assignment between machines of heterogeneous qualities and workers of heterogeneous skills in an infinite-horizon economy with matching frictions. I characterize first the efficient assignment and then the decentralizing market equilibrium. The efficient allocation...

Persistent link: https://www.econbiz.de/10005827214

Budget-Constrained Sequential Auctions with Incomplete Information

Pitchik, Carolyn - University of Toronto, Department of Economics - 2006

existence of multiple equilibrium symmetric bidding functions that differ in allocation, efficiency and revenue. The sequence of …

Persistent link: https://www.econbiz.de/10005827215

Efficiency Improvement from Restricting the Liquidity of Nominal Bonds

Shi, Shouyong - University of Toronto, Department of Economics - 2008

this partial legal restriction can improve the society's welfare. In contrast to the literature, the efficiency role of the … shocks. Moreover, even when lump-sum taxes are available, the efficiency role continues to exist under a condition that …

Persistent link: https://www.econbiz.de/10005827259