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Search and Matching in the Housing Market
Genesove, David; Han, Lu - C.E.P.R. Discussion Papers - 2010
Housing markets clear, in part, through the time that buyers and sellers spend on the market. We show that demand … the elasticity of the matching function. …
Persistent link: https://www.econbiz.de/10008468515
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Information Gatekeepers: Theory and Experimental Evidence
Brocas, Isabelle; Carrillo, Juan D; Palfrey, Thomas R - C.E.P.R. Discussion Papers - 2009
We consider a model where two adversaries can spend resources in acquiring public information about the unknown state of the world in order to influence the choice of a decision maker. We characterize the sampling strategies of the adversaries in the equilibrium of the game. We show that, as the...
Persistent link: https://www.econbiz.de/10008528540
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Efficient Wage Dispersion
Acemoglu, Daron; Shimer, Robert - C.E.P.R. Discussion Papers - 1997
or more of the posted wages, i.e. search, before deciding where to apply. Both with homogeneous and heterogeneous forms …, equilibrium wage dispersion is necessary for the economy to approximate efficiency. Without wage dispersion, workers do not search …, and wages are depressed. As a result: (a) there is excessive entry of firms; and (b) because, in the absence of search …
Persistent link: https://www.econbiz.de/10005124074
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The Low-Skill, Bad-Job Trap
Snower, Dennis J. - C.E.P.R. Discussion Papers - 1994
The paper explains how a country can fall into a 'low-skill, bad-job trap', in which workers acquire insufficient training and firms provide insufficient skilled vacancies. In particular, the paper argues that in countries where a large proportion of the workforce is unskilled, firms have little...
Persistent link: https://www.econbiz.de/10005124126
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Do Consumers Search for the Highest Price? Equilibrium and Monopolistic Optimum in Differentiated Products Markets
Schulz, Norbert; Stahl, Konrad - C.E.P.R. Discussion Papers - 1995
We develop a model of search among substitutes for the best combination of commodity variant and price, in which the … structure of search costs can be manipulated by the suppliers of these variants, e.g. by joining an existing market or opening a …
Persistent link: https://www.econbiz.de/10005136540
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Equilibrium selection in a fundamental model of money
Araujo, Luis; Guimarães, Bernardo - C.E.P.R. Discussion Papers - 2011
Fundamental models of money always exhibit autarkic equilibria where money has no value. In this paper we propose a simple procedure to select among equilibria in such models. Our procedure unveils a natural mapping between equilibrium behavior and the primitives of the economy, thus offering...
Persistent link: https://www.econbiz.de/10008854470
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A Quantitative Analysis of the Retail Market for Illicit Drugs
Galenianos, Manolis; Gavazza, Alessandro - C.E.P.R. Discussion Papers - 2015
We develop a theoretical framework to study illicit drugs markets and we estimate it using data on purchases of crack cocaine. Buyers are searching for high-quality drugs, but they determine drugs' quality (i.e., their purity) only after consuming them. Hence, sellers can rip off first-time...
Persistent link: https://www.econbiz.de/10011145480
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Attributes
Klabjan, Diego; Olszewski, Wojciech; Wolinsky, Asher - In: Games and Economic Behavior 88 (2014) C, pp. 190-206
A decision maker (DM) considers the acquisition of a multi-attribute object with uncertain qualities which can be discovered at a cost. DM's problem is to decide how much to invest in the discovery and whether to adopt or discard based on partial information. We characterize the solution in some...
Persistent link: https://www.econbiz.de/10011117130
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Good Jobs versus Bad Jobs: Theory and Some Evidence
Acemoglu, Daron - C.E.P.R. Discussion Papers - 1997
-sharing due to search frictions implies that ‘good’ jobs which have higher creation costs must pay higher wages. This wage …
Persistent link: https://www.econbiz.de/10005662323
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Market Transparency, Competitive Pressure and Price Volatility
Kühn, Kai-Uwe; Martínez, Catalina B - C.E.P.R. Discussion Papers - 1996
In this paper we analyse the role of asymmetric information between firms and consumers about market conditions. In standard models of oligopoly informational advantages of firms over customers do not play a role because all prices are observable. When customers are unable to observe all...
Persistent link: https://www.econbiz.de/10005791781