We study different trading processes in the context of a search-based model of endogenous money. We incorporate heterogeneity into the model by allowing multiple meetings of agents and divisible production. We then determine the equilibrium using three different trading mechanisms: auctions, pairwise bargaining and price posting. The welfare under these mechanisms is compared using specific functional forms for utility and cost functions. The analysis is done numerically with the bench mark of a social welfare maximising planner.
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Volume (Year): 16 (2003) Issue (Month): 1 (Spring) Pages: 27-37 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: D44 - Microeconomics - - Market Structure and Pricing - - - Auctions D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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