This result would seem to imply that the more members on a committee the lower the average search duration. It turns out that this does not immediately follow, and in fact, the average search duration may increase as the committee grows in size. Thus, we cannot simply compare thresholds to...

We consider a housing market with large numbers of buyers and sellers. Sellers differ in their reservation prices; buyers are ex ante identical. In the first stage of the game, each seller posts an asking price. Next, each buyer, after observing all asking prices, chooses a house to visit. Upon...

Inflation and unemployment are central issues in macroeconomics. While much progress has been made on these issues by incorporating frictions using search theory, existing models analyze either unemployment or inflation. We develop a framework to analyze unemployment and inflation together. This...