option to buy via search or return to bargaining. Here many buyers choose a bargaining agreement when a search outcome is … predicted. For those who opt out, search outcomes are overall efficient and behavior is relatively close to the optimal search …

This paper uses the example of an exam to model multi-dimensional search under a deadline. When the dimension is two …, an order-invariance property allows simple characterization of the optimal search policy. Behavior is shown to be highly …; this increases complexity of the problem of finding the optimal search policy. …

We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its … value. We first document a network effect: the value of a given unit of money is higher when its distribution is even …. This approach is designed to be especially pertinent in the context of private issuance of money, in particular …

In an infinite-time decentralized sequence economy, agents use fiat money to bridge markets as if they make trades in a … the process how agents decide the fiat money's nominal value. Three new concepts are suggested – plan of choices … all agents' accepting fiat money with unchanged nominal value is a Nash equilibrium, which guarantees fiat money …

This paper addresses firstly why people have to use fiat money and then why they are rationally willing to accept it … in unrevealed future. Its model formulates the process that agents determine fiat money's nominal value in an infinite …-time decentralized sequence economy where agents use fiat money to bridge markets to avoid huge transaction cost. It is proved that all …

prospect for money in the evenly rotating economy, I survey the modern literature on frictions that make money useful for … exchange. While exploring techniques commonly used to generate a useful role for money in this environment, I make a … rendering money useful is much larger than he envisioned …