This paper proposes a tractable model of Bayesian learning on large random networks where agents choose whether to adopt an innovation. We study the impact of the network structure on learning dynamics and product diffusion. In directed networks, all direct and indirect links contribute to...

We analyze a large, anonymous labour market in which firms motivate their workers via relational contracts. The market is frictionless and features on-the-job search, in that all acceptable vacancies are immediately filled and the employed compete with the unemployed for vacancies. While firms...

A buyer wishes to purchase a good from a seller who chooses a sequence of prices over time. Each period the buyer can also exercise an outside option, abandoning their search or moving on to another seller. We show there is a unique equilibrium in which the seller charges a constant price in...