Two books on law and development and the law-and-finance literature have produced a major opening for the field of international statistical comparisons of legal systems. This review provides some background from microstructure to help the understanding of the effects the statistical comparisons...

The author determines equilibrium in a simple economy with imperfect information. Each risk-neutral household acts as a firm, making wage offers according to an endogenous wage distribution, and as a laborer, sampling a stochastic number of offers made by other households over its search period....

The author models imperfect information, derives a downward sloping market demand curve, and explains vacancies in a partial equilibrium model of a rental housing market. Tenants can be completely described by an exogenous demand curve, perhaps arising from differences in income, preferred...

An equilibrium model of search in a spatially differentiated rental housing market is formulated that predicts both rent dispersion and equilibrium vacancies. The equilibrium rent distribution is determined on the landlord's (rental supply) side given tenants' search strategies. Then tenants'...

We formulate a model that explains vacancy durations arising from lags in matches between the suppliers and demanders of housing units. We emphasize rental housing markets in this exposition although the model could be extended to competitive or noncompetitive rental or home-ownership markets....

We determine the mechanism that a rational, profit-maximizing seller would use to revise his reservation price for a heterogeneous or infrequently exchanged good. For instance, while one dimension of a home's quality may be easily determined in competitive markets (e.g., the valuation of floor...