Uniqueness of equilibrium in directed search models

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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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)
UniBasel Contributors:Camera, Gabriele
Item Type:Article, refereed
Article Subtype:Research Article
Note:Publication type according to Uni Basel Research Database: Journal article
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Last Modified:12 Jul 2018 09:12
Deposited On:12 Dec 2016 11:17

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