Price Cycles and Booms: Dynamic Search Equilibrium
AbstractSearch theory has been extensively and successfully applied to explain the persistence of price dispersion. This paper presents an explicitly dynamic search model that is able to account for cyclical patterns of prices and demand over time. These cyclical features of the model are the consequence of the dynamic strategic interaction between buyers and firms and do not require the presence of extraneous factors such as shocks or heterogeneity of agents in order to obtain. The model builds on earlier work by Kenneth Burdett and Kenneth L. Judd and may be interpreted as a dynamic extension of their model. Copyright 1992 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 82 (1992)
Issue (Month): 5 (December)
Other versions of this item:
- Fershtman, C. & Fishman, A., 1989. "Price Cycles and Booms : Dynamic Search Equilibrium," Discussion Paper 1989-22, Tilburg University, Center for Economic Research.
- Fershtman, C. & Fishman, A., 1989. "Price Cycles And Booms Dynamic Search Equilibrium," Papers 8922, Tilburg - Center for Economic Research.
- Fershtman, C. & Fishman, A., 1989. "Price Cycles And Booms: Dynamic Search Equilibrium," Papers 1-89, Tel Aviv.
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