Kamiya, Kazuya; Kubota, So - In: Theoretical economics : TE ; an open access journal in … 20 (2025) 2, pp. 713-761
We propose a standard search and bargaining model with divisible money, in which only the random matching market opens and the generalized Nash bargaining settles each trade. Assuming fixed production costs, we analytically characterize a tractable equilibrium, called a pay‐all equilibrium ,...