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Uniqueness Of Equilibrium In Directed Search Models
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Book Synopsis Uniqueness of Equilibrium in Directed Search Models by : Jaehong Kim
Download or read book Uniqueness of Equilibrium in Directed Search Models written by Jaehong Kim and published by . This book was released on 2015 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study a decentralized trading model as in Peters (1984), where a finite number of heterogeneous capacity-constrained sellers compete for a finite number of homogeneous buyers, by posting prices. This "directed search" model is known to admit symmetric equilibria; yet, uniqueness has proved elusive. This study makes two contributions: a substantive contribution is to establish uniqueness of symmetric equilibrium; a methodological contribution is to develop a tool based on directional derivatives to characterize equilibrium.
Book Synopsis Block Recursive Equilibria for Stochastic Models of Search on the Job by : Guido Menzio
Download or read book Block Recursive Equilibria for Stochastic Models of Search on the Job written by Guido Menzio and published by . This book was released on 2009 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we develop a general stochastic model of directed search on the job. Like in the analogous models of random search on the job, the state of the economy in our model includes the infinite-dimensional distribution of workers across different employment states (unemployment, and employment at different wages). Unlike the analogous models of random search on the job, our model admits an equilibrium in which the agents' value and policy functions do not depend on the distribution of workers. We refer to this type of equilibrium as a Block Recursive Equilibrium. Therefore, while solving the equilibrium of a random search model in a stochastic environment is a difficult task both analytically and computationally, solving the Block Recursive Equilibrium of our model is as easy as solving a representative agent model.
Book Synopsis Collusive Equilibria in Directed Search Models by : Gabor Virag
Download or read book Collusive Equilibria in Directed Search Models written by Gabor Virag and published by . This book was released on 2007 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: We consider a model of directed search where the sellers are allowed to post general mechanisms. Regardless of the number of buyers and sellers, the sellers are able extract all the surplus of the buyers by introducing entry fees and making their price schedule positively sloped in the number of buyers arriving to their shops. Therefore, shopping card membership fees - similar to our entry fee component - may act as a collusion device between sellers. If there is a lower bound on the prices or there is an upper bound on the entry fees that can be charged, then the equilibrium with full rent extraction may not exist any more. However, the seller optimal equilibrium still features positive entry fees and increasing price schedules. When the constraint is on the entry fees in the seller optimal equilibrium all sellers offer auctions. This implies that if the firms can coordinate on an equilibrium they would not choose a fixed price one (studied by Burdett, Shi and Wright (2001)) or one without entry fees (as in Coles and Eeckhout (2003)). When the market becomes infinitely large, and the sellers face constraints on the prices or entry fees they can choose, then any equilibrium yields the same profits and the sellers cannot sustain collusion in equilibrium.
Book Synopsis Essays on simultaneous search equilibrium by : Ronald Paul Wolthoff
Download or read book Essays on simultaneous search equilibrium written by Ronald Paul Wolthoff and published by Rozenberg Publishers. This book was released on 2008 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Competitive Search Equilibrium in DSGE Model by : David M. Arseneau
Download or read book Competitive Search Equilibrium in DSGE Model written by David M. Arseneau and published by . This book was released on 2008 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show how to implement a competitive search equilibrium in a fully-specified DSGE environment. Competitive search, an equilibrium concept well-understood in labor market theory, offers an alternative to the commonly-used Nash bargaining in search-based macro models. Our simulation-based results show that business cycle fluctuations under competitive search equilibrium are virtually identical to those under Nash bargaining for a broad range of calibrations of Nash bargaining power. We also prove that business cycle fluctuations under competitive search equilibrium are exactly identical to those under Nash bargaining restricted to the popularly-used Hosios condition for search efficiency. This latter result extends the efficiency properties of competitive search equilibrium to a DSGE environment. Our results thus provide a foundation for researchers interested in studying business cycle fluctuations using search-based environments to claim that the sometimes-awkward assumption of bargaining per se does not obscure interpretation of results.
Book Synopsis Essays on Search and Matching Equilibria by : Garth Baughman
Download or read book Essays on Search and Matching Equilibria written by Garth Baughman and published by . This book was released on 2015 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation considers three separate applications of the theory of search and matching equilibria. The first chapter considers a partnership formation game, where agents on two sides of a market need to find a partner before a deadline, and search frictions make it difficult to find an acceptable partner. I characterize agents acceptance decisions -- those with whom they would be willing to match -- show existence, and provide a condition for uniqueness of equilibrium. This study provides a step towards a better understanding of matching behavior in non-stationary environments where agents have persistent type. The second chapter in this dissertation considers the import of adverse selection in a modern model of directed search in labor markets. Competition in this market drives firms to offer contracts that increase over time, limiting turnover. Adverse selection does not perturb contracts for less attractive types, but leads more attractive workers to accept initially low wages that grow faster than they would under full information. The final chapter of this dissertation explores the import of sequential search behavior in a model of equilibrium price setting by multi-product firms. On the one hand, the market produces results which affirm the common empirical focus on marginal distributions of individual goods' prices across firms. On the other, when some firms do not offer every good, search behavior leads to interesting pricing patterns which would not occur in single-product markets.
Book Synopsis Directed Search with Multiple Job Applications by : Philipp Kircher
Download or read book Directed Search with Multiple Job Applications written by Philipp Kircher and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop an equilibrium directed search model of the labor market where workers can simultaneously apply for multiple jobs. The main result is that all equilibria exhibit wage dispersion despite the fact that workers and firms are homogeneous. Wage dispersion is driven by the simultaneity of application choice. Risk-neutral workers apply for both "safe" and "risky" jobs. The former yield a high probability of a job offer, but for low pay, and act as a fallback option; the latter provide with higher potential payoff, but are harder to get. Furthermore, the density of posted wages is decreasing, consistent with stylized facts. Unlike most directed search models, the equilibria are not constrained efficient.
Book Synopsis Structural Models of Wage and Employment Dynamics by : Henning Bunzel
Download or read book Structural Models of Wage and Employment Dynamics written by Henning Bunzel and published by Emerald Group Publishing. This book was released on 2006-03-30 with total page 613 pages. Available in PDF, EPUB and Kindle. Book excerpt: Selected papers from a conference held in honour of Professor Dale T. Mortensen upon the occasion of his 65th birthday. It includes papers on some of Professor Dale T. Mortensen's current research topics, as well as additional theoretical papers, and micro- and macro-econometric papers.
Book Synopsis Buyer Heterogeneity in Directed Search Models by : Gabor Virag
Download or read book Buyer Heterogeneity in Directed Search Models written by Gabor Virag and published by . This book was released on 2007 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Burdett, Shi and Wright (2001) offer a directed search model where the buyers decide which seller to visit after observing the price each seller posts, and showed that there exists a unique symmetric equilibrium. Coles and Eeckhout (2003) showed that there is a continuum of symmetric equilibria, if the sellers are allowed to post general mechanisms and not only fixed prices. I show that many of the equilibria that Coles and Eeckhout identify, including the fixed price equilibria suggested by Burdett, Shi and Wright (2001), are not robust to introducing heterogeneous buyers with two possible types. In this case only ex-post efficient equilibria exist, i.e. a buyer with a lower valuation can never win against a buyer with a higher valuation if they visit the same seller. This suggests that mechanisms like auctions that utilize buyer competition in an efficient manner may endogenously arise when sellers post competing mechanisms. When the type space is continuous instead of having two possible types, the ex-post efficiency result is not maintained. If the sellers' strategy space is unrestricted, then any allocation respecting sequential rationality of the buyers, can be implemented in equilibrium. However, posting simple fixed price mechanisms never constitute an equilibrium, while posting (second-price or first-price) auctions does if the distribution function is convex.
Download or read book Directed Search written by Randall Wright and published by . This book was released on 2017 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay surveys the literature on directed/competitive search, covering theory and applications in, e.g., labor, housing and monetary economics. These models share features with traditional search theory, yet differ in important ways. They share features with general equilibrium theory, but with explicit frictions. Equilibria are typically efficient, in part because markets price goods plus the time required to get them. The approach is tractable and arguably realistic. Results are presented for finite and large economies. Private information and sorting with heterogeneity are analyzed. Some evidence is discussed. While emphasizing issues and applications, we also provide several hard-to-find technical results.
Book Synopsis On the Uniqueness of the Equilibrium in Overlapping Generations Models by : Carlos Cuervo-Arango
Download or read book On the Uniqueness of the Equilibrium in Overlapping Generations Models written by Carlos Cuervo-Arango and published by . This book was released on 1981 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Equilibrium Unemployment Theory, second edition by : Christopher A. Pissarides
Download or read book Equilibrium Unemployment Theory, second edition written by Christopher A. Pissarides and published by MIT Press. This book was released on 2000-03-02 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. An equilibrium theory of unemployment assumes that firms and workers maximize their payoffs under rational expectations and that wages are determined to exploit the private gains from trade. This book focuses on the modeling of the transitions in and out of unemployment, given the stochastic processes that break up jobs and lead to the formation of new jobs, and on the implications of this approach for macroeconomic equilibrium and for the efficiency of the labor market. This approach to labor market equilibrium and unemployment has been successful in explaining the determinants of the "natural" rate of unemployment and new data on job and worker flows, in modeling the labor market in equilibrium business cycle and growth models, and in analyzing welfare policy. The second edition contains two new chapters, one on endogenous job destruction and one on search on the job and job-to-job quitting. The rest of the book has been extensively rewritten and, in several cases, simplified.
Book Synopsis General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory by : Truman F. Bewley
Download or read book General Equilibrium, Overlapping Generations Models, and Optimal Growth Theory written by Truman F. Bewley and published by Harvard University Press. This book was released on 2009-07-01 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.
Book Synopsis On the Game-Theoretic Foundations of Competitive Search Equilibrium by : Manolis Galenianos
Download or read book On the Game-Theoretic Foundations of Competitive Search Equilibrium written by Manolis Galenianos and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a unified directed search framework with general production and matching specifications that encompasses most of the existing literature. We prove the existence of sub-game perfect Nash equilibria in pure firm strategies in a finite version of the model. We use this result to derive a more complete characterization of the equilibrium set for the finite economy and to extend convergence results as the economy becomes large to general production and matching specifications. The latter extends the micro-foundations for the standard market-utility assumption used in competitive search models with a continuum of agents to new environments.
Book Synopsis Two Essays on Search Equilibrium Model by : Been-Lon Chen
Download or read book Two Essays on Search Equilibrium Model written by Been-Lon Chen and published by . This book was released on 1991 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Search Theory written by Steve Alpern and published by Springer Science & Business Media. This book was released on 2014-07-08 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search games and rendezvous problems have received growing attention in computer science within the past few years. Rendezvous problems emerge naturally, for instance, to optimize performance and convergence of mobile robots. This gives a new algorithmic point of view to the theory. Furthermore, modern topics such as the spreading of gossip or disease in social networks have lead to new challenging problems in search and rendezvous. Search Theory: A Game Theoretic Perspective introduces the first integrated approach to Search and Rendezvous from the perspectives of biologists, computer scientists and mathematicians. This contributed volume covers a wide range of topics including rendezvous problems and solutions, rendezvous on graphs, search games on biology, mobility in governed social networks, search and security, and more. Most chapters also include case studies or a survey, in addition to a chapter on the future direction of Search and Rendezvous research. This book targets researchers and practitioners working in computer science, mathematics and biology as a reference book. Advanced level students focused on these fields will also find this book valuable as a secondary text book or reference.
Book Synopsis The Economics of Search by : Brian McCall
Download or read book The Economics of Search written by Brian McCall and published by Routledge. This book was released on 2007-12-20 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods and econometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory.
