We develop an equilibrium model of illiquid asset valuation based on search and matching. We propose several measures … of illiquidity and show how these measures behave. We also show that the equilibrium amount of search may be less than …, equal to or greater than the amount of search that is socially optimal. Finally, we show that excess returns on illiquid …

We endogenize product design in a model of sequential search with random firm-consumer match value à la Wolinsky (Quart … offer more nichy products, this induces more intense search; depending on search costs, this could raise or lower consumers …

do so by considering randomized monetary trades in a standard search-theoretic model of money where agents can hold …

I highlight the importance of the distributional aspects of money’s divisibility by comparing a search-theoretic model …

This paper characterizes equilibrium outcomes in consumer search markets taking the cost of going back to stores … already searched explicitly into account. We show that the optimal sequential search rule under costly revisits is very … prices. We explore the implications of costly revisits on market equilibrium in two celebrated search models. In the Wolinsky …