Kim, Jaehong and Camera, Gabriele. (2014) Uniqueness of equilibrium in directed search models. Journal of Economic Theory, 151. pp. 248-267.
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Official URL: http://edoc.unibas.ch/42858/
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Abstract
We study a decentralized trading model as in [7], 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 elusive. This study makes two contributions: a substantive contribution is to establish uniqueness of symmetric equilibrium; a methodological contribution is to develop a tool based on directional derivatives to characterize equilibrium.
| Faculties and Departments: | 06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Ehemalige Einheiten Wirtschaftswissenschaften > Experimental Makroeconomics (Camera) |
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| UniBasel Contributors: | Camera, Gabriele |
| Item Type: | Article, refereed |
| Article Subtype: | Research Article |
| Publisher: | Elsevier |
| ISSN: | 0022-0531 |
| e-ISSN: | 1095-7235 |
| Note: | Publication type according to Uni Basel Research Database: Journal article |
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| Identification Number: | |
| Last Modified: | 12 Dec 2016 11:17 |
| Deposited On: | 12 Dec 2016 11:17 |
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