Aoki, Masanao; Yoshikawa, Hiroshi - In: Economics: The Open-Access, Open-Assessment E-Journal 3 (2009) 2009-37, pp. 1-9
The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor is equal across firms and industries. However, productivity dispersion is widely observed in the real economy. Search theory allegedly fills this gap by encompassing apparent...
