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Miracle on Sixth Avenue: Information Externalities and Search

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Author Info
Caplin, Andrew
Leahy, John

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Abstract

After a long dormant period, lower Sixth Avenue in New York has undergone a rapid revitalization. The authors show that a simple search theoretic model with information spillovers can explain both the period of underuse and the rapid turnaround. The model reduces to a simple equation, which allows them to do comparative statics on the duration of vacancies. The authors show how the solution reacts to changes in market structure and changes in search technology. The model is suggestive of difficulties that may occur in many markets in which there are changes over time in the optimal use of resources.

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Publisher Info
Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 108 (1998)
Issue (Month): 446 (January)
Pages: 60-74
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Handle: RePEc:ecj:econjl:v:108:y:1998:i:446:p:60-74

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  1. Ralph Ossa, 2006. "A Gold Rush Theory of Economic Development," CEP Discussion Papers dp0719, Centre for Economic Performance, LSE. [Downloadable!]
  2. Rose Cunningham, 2004. "Investment, Private Information, and Social Learning: A Case Study of the Semiconductor Industry," Working Papers 04-32, Bank of Canada. [Downloadable!]
  3. Rubén Segura-Cayuela & Josep M. Vilarrubia, 2008. "Uncertainty and entry into export markets," Banco de España Working Papers 0811, Banco de España. [Downloadable!]
  4. Jérome VICENTE (LEREPS-GRES) & Yan Dalla PRIA (CSO – CNRS) & Raphaël SUIRE (CREM – CNRS), 2006. "The Ambivalent Role of Mimetic Behaviors in Proximity Dynamics: Evidences on the French “Silicon Sentier”," Cahiers du GRES 2006-02, Groupement de Recherches Economiques et Sociales. [Downloadable!]
  5. Andrew Caplin & John Leahy, 1994. "Mass Layoffs and Unemployment," NBER Working Papers 4766, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Sault, Joanne & Toivanen, Otto & Waterson, Michael, 2003. "Learning and Location," The Warwick Economics Research Paper Series (TWERPS) 693, University of Warwick, Department of Economics. [Downloadable!]
  7. Hirshleifer, David & Teoh, Siew Hong, 2008. "Thought and Behavior Contagion in Capital Markets," MPRA Paper 9164, University Library of Munich, Germany. [Downloadable!]
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  8. Jérome VICENTE (GRES-LEREPS), 2003. "From interaction economics to economic geography : theories and evidences (In French)," Cahiers du GRES 2003-02, Groupement de Recherches Economiques et Sociales. [Downloadable!]
  9. Timothy Riddiough & Paul Childs & Steven Ott, 2001. "Noise, Real Estate Markets, and Options on Real Assets: Applications," Wisconsin-Madison CULER working papers 01-06, University of Wisconsin Center for Urban Land Economic Research. [Downloadable!]
  10. Rose Cunningham, 2004. "Investment, Private Information and Social Learning: A Case Study of the Semiconductor Industry," Macroeconomics 0409021, EconWPA. [Downloadable!]
  11. stefano comino, 2005. "Entry and Exit With Information Externalities," Industrial Organization 0510006, EconWPA. [Downloadable!]
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  12. Ingrid Gould Ellen & Michael H. Schill & Amy Ellen Schwartz & Ioan Voicu, 2003. "Housing production subsidies and neighborhood revitalization: New York City's ten-year capital plan for housing," Economic Policy Review, Federal Reserve Bank of New York, issue Jun, pages 71-85. [Downloadable!]
  13. Zhao, Jinhua, 2005. "The Role of Information in Technology Adoption under Poverty," Working Papers RP2005/41, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  14. Oriana Bandiera & Imran Rasul, 2002. "Social Networks and Technology Adoption in Northern Mozambique," STICERD - Development Economics Papers 35, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
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  15. Ingrid Gould Ellen & Michael Schill & Amy Ellen Schwartz & Ioan Voicu, 2003. "Estimating the external effects of subsidized housing investment on property values," Proceedings, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  16. Hideo Konishi, 1999. "Concentration of Competing Retail Stores," Boston College Working Papers in Economics 447, Boston College Department of Economics. [Downloadable!]
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  17. Neil Bhutta, 2008. "Giving credit where credit is due? the Community Reinvestment Act and mortgage lending in lower-income neighborhoods," Finance and Economics Discussion Series 2008-61, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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