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surplus in the absence of interagent transfers. Most of the work in the large bargaining-and matching literature ignores this …
Persistent link: https://www.econbiz.de/10010822874
make investments before matching in a competitive market. We introduce the notion of premuneration values---the values to …
Persistent link: https://www.econbiz.de/10008751337
We analyze a model in which agents make investments and then match into pairs to create a surplus. The agents can make transfers to reallocate their pretransfer ownership claims on the surplus. Mailath, Postlewaite, and Samuelson (2013) showed that when investments are unobservable, equilibrium...
Persistent link: https://www.econbiz.de/10010700277
Different markets are cleared by different types of prices---a universal price for all buyers and sellers in some markets, seller-specific prices that are uniform across buyers in others, and personalized prices tailored to both the buyer and the seller in yet others. We introduce the notion of...
Persistent link: https://www.econbiz.de/10008456313
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
Recent work has reduced the gap between search-based monetary theory and mainstream macroeconomics by incorporating … into the search model some centralized markets as well as some decentralized markets where money is essential. This paper … nests the search-theoretic monetary model and a standard neoclassical growth model as special cases. Perhaps surprisingly …
Persistent link: https://www.econbiz.de/10005102114
strategically. Consumers search for high quality firms and condition their choices on observed actions of other consumers. When they …
Persistent link: https://www.econbiz.de/10005061909
We study the effects of inflation in models with various trading frictions. The framework is related to recent search …
Persistent link: https://www.econbiz.de/10005061927
There is much discussion of the relationships between crime, inequality, and unemployment. We construct a model where all three are endogenous. We find that introducing crime into otherwise standard models of labor markets has several interesting implications. For example, it can lead to wage...
Persistent link: https://www.econbiz.de/10005126677
. We begin assuming workers are ex ante heterogeneous, and highlight a flaw with this approach: if search is costly, the … search costs, and delivers equilibria equilibrium wage dispersion. However, we prove the law of two prices holds: generically …
Persistent link: https://www.econbiz.de/10005126691