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Search theory, competitive equilibrium, and the Nash bargaining solution

Cho, In-Koo; Matsui, Akihiko - In: Journal of Economic Theory 148 (2013) 4, pp. 1659-1688

We investigate a canonical search-theoretic model without entry. Two agents are randomly matched with a long side being …

Persistent link: https://www.econbiz.de/10010678871

Commodity money with frequent search

Oberfield, Ezra; Trachter, Nicholas - In: Journal of Economic Theory 147 (2012) 6, pp. 2332-2356

the extent of multiplicity hinges on the frequency of search. Holding fixed the average number of meetings over time, we … vary search frequency by altering the interval between search opportunities. To isolate the role of search frequency, we …, strategies, and dynamic paths consistent with equilibrium. Indexed by these features, as search frequency increases the set of …

Persistent link: https://www.econbiz.de/10010594318

The exact law of large numbers for independent random matching

Duffie, Darrell; Sun, Yeneng - In: Journal of Economic Theory 147 (2012) 3, pp. 1105-1139

search, and type changes induced by matching. Under independence assumptions at each randomization step, we show that there …

Persistent link: https://www.econbiz.de/10010572389

Information percolation in segmented markets

Duffie, Darrell; Malamud, Semyon; Manso, Gustavo - In: Journal of Economic Theory 153 (2014) C, pp. 1-32

We study equilibria of dynamic over-the-counter markets in which agents are distinguished by their preferences and information. Over time, agents are privately informed by bids and offers. Investors differ with respect to information quality, including initial information precision, and also in...

Persistent link: https://www.econbiz.de/10011042991

Crises and liquidity in over-the-counter markets

Lagos, Ricardo; Rocheteau, Guillaume; Weill, Pierre-Olivier - In: Journal of Economic Theory 146 (2011) 6, pp. 2169-2205

We study the efficiency of liquidity provision by dealers and the desirability of policy intervention in over-the-counter (OTC) markets during crises. We emphasizes two OTC frictions: finding counterparties takes time, and trade is bilateral and involves bargaining. We model a crisis as a shock...

Persistent link: https://www.econbiz.de/10011042999

Approachability with delayed information

Lagziel, David; Lehrer, Ehud - In: Journal of Economic Theory 157 (2015) C, pp. 425-444

We consider a sequential decision problem where the decision maker is informed of the actual payoff with delay. We introduce a new condition, which generalizes the condition given by Blackwell and ensures that the decision maker can approach a fixed closed and convex set under delay. We show how...

Persistent link: https://www.econbiz.de/10011263587

Dynamic pricing in the presence of individual learning

Weng, Xi - In: Journal of Economic Theory 155 (2015) C, pp. 262-299

This paper studies price dynamics in a setting in which a monopolist sells a new experience good over time to many buyers, and the seller can neither price discriminate among the buyers nor commit to a price rule. Buyers learn from their own experiences about the effectiveness of the product....

Persistent link: https://www.econbiz.de/10011189761

TFP during a credit crunch

Petrosky-Nadeau, Nicolas - In: Journal of Economic Theory 148 (2013) 3, pp. 1150-1178

The financial crisis of 2008 was followed by sharp contractions in aggregate output and employment and an unusual increase in aggregate total factor productivity (TFP). This paper attempts to explain these facts by modeling the creation and destruction of jobs in the presence of heterogeneity in...

Persistent link: https://www.econbiz.de/10010665752

Fixed-term employment contracts in an equilibrium search model

Alvarez, Fernando; Veracierto, Marcelo - In: Journal of Economic Theory 147 (2012) 5, pp. 1725-1753

separation taxes. The model is a version of the Lucas and Prescott island model with undirected search. Two equivalent …

Persistent link: https://www.econbiz.de/10011042927

A monetary theory with non-degenerate distributions

Menzio, Guido; Shi, Shouyong; Sun, Hongfei - In: Journal of Economic Theory 148 (2013) 6, pp. 2266-2312

We construct and analyze a tractable search model of money with a non-degenerate distribution of money holdings …. Analytical tractability comes from modeling decentralized exchange as directed search, which makes the monetary steady state …

Persistent link: https://www.econbiz.de/10011042978

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