are more likely to hold the asset search among those less likely to hold it, and vice versa. When directed search is …In a tractable model of over-the-counter markets where each investor can arbitrarily distribute her search capacity … across other investors, the holdings of an asset are endogenously concentrated among a subgroup of investors. Investors who …

; layoffs are random and beyond the worker s influence, while the re-employment chance is directly affected by search effort. We … characterize the worker s optimal savings and job-search behavior as well as the resulting consumption paths and wealth formation …. In general, all decisions will depend on the current level of wealth: First, the choice of search effort increases as …