Uniqueness of Equilibrium in Directed Search Models

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

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Year of publication:	2015
Authors:	Kim, Jaehong
Other Persons:	Camera, Gabriele (contributor)
Publisher:	[2015]: [S.l.] : SSRN
Subject:	Suchtheorie \| Search theory \| Gleichgewichtsmodell \| Equilibrium model \| Matching

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