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Directed Search in the Housing Market
Albrecht, James; Gautier, Pieter A; Vroman, Susan - C.E.P.R. Discussion Papers - 2010
In this paper, we present a directed search model of the housing market. The pricing mechanism we analyze reflects the …. Our model offers a new way to look at the housing market from a search-theoretic perspective. In addition, we contribute …
Persistent link: https://www.econbiz.de/10008468683
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Simultaneous Search with Heterogeneous Firms and Ex Post Competition
Gautier, Pieter A; Wolthoff, Ronald - C.E.P.R. Discussion Papers - 2007
We study a search model where workers can apply to high and or low productivity firms. Firms that compete for the same candidate can increase their wage offers as often as they like. We show that if workers apply to two jobs, there is a unique symmetric equilibrium where workers mix between...
Persistent link: https://www.econbiz.de/10005504344
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Efficient Competition through Cheap Talk: Competing Auctions and Competitive Search without Ex Ante Price Commitment
Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2013
We consider a frictional two-sided matching market in which one side uses public cheap-talk announcements so as to attract the other side. We show that if the first-price auction is adopted as the trading protocol, then cheap talk can be perfectly informative, and the resulting market outcome is...
Persistent link: https://www.econbiz.de/10011083306
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Efficient Cheap Talk in Directed Search: On the Non-essentiality of Commitment in Market Games
Kim, Kyungmin; Kircher, Philipp - C.E.P.R. Discussion Papers - 2012
Directed search models are market games in which each firm announces a wage commitment to attract a worker. Miscoordination among workers generates search frictions, yet in equilibrium more productive firms post more attractive wage commitments to fill their vacancies faster, which yields...
Persistent link: https://www.econbiz.de/10011083578
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The Price and Quantity of Residential Land in the United States
Davis, Morris; Heathcote, Jonathan - C.E.P.R. Discussion Papers - 2005
A house is a bundle comprising a physical structure and the plot of land upon which the house is built. Thus changes in house prices reflect changes in the cost of structures and value of land. In this paper we apply this insight to construct the first constant-quality price and quantity indexes...
Persistent link: https://www.econbiz.de/10005123787
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On the Political Economy of Urban Growth: Homeownership versus Affordability
Ortalo-Magné, François; Prat, Andrea - C.E.P.R. Discussion Papers - 2011
much housing to own, and city residents vote on the number of new building permits every period. Under-supply of housing … persists in equilibrium under conditions we characterize. City residents invest in housing because they expect their investment … local housing. This vicious cycle between ownership and urban growth generates a tension between the common housing policy …
Persistent link: https://www.econbiz.de/10008854490
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Moving House
Ngai, Liwa Rachel; Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2015
homeowners chose when to move house, which can be seen as an investment in housing match quality. Since moving house is an … existing match quality distribution, which gives rise to a cleansing effect and leads to overshooting of housing …
Persistent link: https://www.econbiz.de/10011145462
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Do You Need a Job to Find a Job?
Cobb-Clark, Deborah; Frijters, Paul; Kalb, Guyonne - Research School of Economics, College of Business and … - 2005
This paper investigates whether job offers arrive more frequently for those in employment than for those in unemployment. To this end, we take advantage of a unique Australian data set which contains information on both accepted and rejected job offers. Our estimation strategy takes account of...
Persistent link: https://www.econbiz.de/10004971407
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Incomplete Wage Posting
Michelacci, Claudio; Suarez, Javier - C.E.P.R. Discussion Papers - 2002
We consider a competitive search model where firms with vacancies choose between posting a wage ex-ante and bargaining it with workers ex-post. Workers apply for vacancies after observing firms' wage setting decisions, and differ in some observable but not verifiable qualifications that affect...
Persistent link: https://www.econbiz.de/10005504658
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Firm Dynamics and Residual Inequality in Open Economies
Felbermayr, Gabriel; Impullitti, Giammario; Prat, Julien - C.E.P.R. Discussion Papers - 2014
Increasing wage inequality between similar workers plays an important role for overall inequality trends in industrialized societies. To analyze this pattern, we incorporate directed labor market search into a dynamic model of international trade with heterogeneous firms and homogeneous workers....
Persistent link: https://www.econbiz.de/10011083807