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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...
Persistent link: https://www.econbiz.de/10013031326
-off between price and trade probability. We present a novel proof of existence of a unique demand vector in Nash equilibrium …, based on a recursive approach that exploits the monotonicity of matching functions …
Persistent link: https://www.econbiz.de/10013039828
We present a model that generates empirically plausible price distributions in directed search equilibrium. There are many identical buyers and many identical capacity-constrained sellers who post prices. These prices can be renegotiated to some degree and the outcome depends on the number of...
Persistent link: https://www.econbiz.de/10013039814
, we study serial dictatorship and competitive matching with simultaneous choices, which is basically a generalized Nash …
Persistent link: https://www.econbiz.de/10014241905
The major issues for a retailer to bet his money on any particular brand in the form of advance booking may vary from the attractiveness of scheme to the feedback of farmers regarding performance of the brand in the previous year. The fact, that it also acts as a competition safeguard for the...
Persistent link: https://www.econbiz.de/10014199623
Much research has recently been carried out on the analysis of those industries characterized by the supply of composite services from complementary components through network connections. One such case is the services provided by the Internet, which is usually described as a network of networks...
Persistent link: https://www.econbiz.de/10014196568
The housing market exhibits a puzzling yet repetitive seasonal boom and bust cycle where prices and trade volume rise in summers and fall in winters. This paper presents a search model that analytically generates the observed deterministic cycle.
Persistent link: https://www.econbiz.de/10009530185
This note suggests variations to the baseline Nash cooperative solution that take into account the Kalai-Smorodinsky critique. One the one hand, a CES form of the maximand is proven to accommodate both the generalized two-person Nash and the Kalai-Smorodinsky - as other proportional - solutions...
Persistent link: https://www.econbiz.de/10011512976
Persistent link: https://www.econbiz.de/10014319401
We study the impacts of incomplete information on centralized one-to-one matching markets. We focus on the commonly …
Persistent link: https://www.econbiz.de/10013244540