This paper models trading patterns when marketplaces exist and goods are differentiated. When first visiting the market, a buyer samples a stock of goods. If fortunate, the buyer finds a match, purchases one of these goods, and then exits. If not, the buyer can now only match with the flow of...

This article considers equilibrium decentralized trade when there is a marketplace where buyers and sellers meet costlessly. Since buyers have idiosyncratic match payoffs for each seller's good, some buyers, rather than trade with the current stock of sellers, wait for new sellers to enter the...

This article examines equilibrium self-improvement and marriage proposal strategies in a two-sided search model with nontransferable utility. Singles are vertically differentiated--some make better marriage partners than others. A complete characterization of equilibrium is provided. It is shown...

We construct a model of the housing market in which agents differ in their flow values while searching. Agents enter the market relaxed (with high flow values) but move to a desperate state (low flow values) at a Poisson rate if they have not already transacted. We characterize the equilibrium...