The Coase theorem emphasizes the role transactions costs play in efficient market outcomes. We document inefficient outcomes, in the presence of a transactions cost, in southern California land markets and the corresponding transition to efficient outcomes after the transactions cost is...

We explore three hitherto poorly understood characteristics of the human trafficking market – the cross-border ease of mobility of traffickers, the relative bargaining strength of traffickers and final buyers, and the elasticity of buyers' demand. In a model of two-way bargaining, the exact...

We explore three hitherto poorly understood characteristics of the human trafficking market - the cross-border ease of mobility of traffickers, the relative bargaining strength of traffickers and final buyers, and the elasticity of buyers' demand. In a model of two-way bargaining, the exact...

The Coase theorem emphasizes the role transactions costs play in efficient market outcomes. We document inefficient outcomes, in the presence of a transactions cost, in southern California land markets and the corresponding transition to efficient outcomes after the transactions cost is...

This paper analyzes the role of costly spatial interaction between regional labor markets in the matching process. We adapt Shimer and Smith's (2000) assignment model with search frictions to an economy with two connected regions. We then show that the existence of labor mobility costs will...

Agglomeration can affect markups through two potential channels: agglomerated regions toughen competition (price competition effect) and firms are more productive on average in agglomerated regions (agglomeration externalities and firm selection effect). However, the literature is inconclusive...