make investments before matching in a competitive market. We introduce the notion of premuneration values---the values to …

surplus in the absence of interagent transfers. Most of the work in the large bargaining-and matching literature ignores this …

. 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 …

We compare three pricing mechanisms for monetary economies: bargaining (search equilibrium); price taking (competitive … equilibrium); and price posting (competitive search equilibrium). We do this in a framework that, in addition to considering … different mechanisms, extends existing work on the microfoundations of money by allowing a general matching technology and …

We extend simple search-theoretic models of crime, unemployment and inequality to incorporate on-the-job search. This … of crime, on-the-job search models are more relevant empirically as well as more interesting in terms of the types of …

strategically. Consumers search for high quality firms and condition their choices on observed actions of other consumers. When they …

We study the effects of inflation in models with various trading frictions. The framework is related to recent search …