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Author Info

  • Klaus Kultti

    (University of Helsinki)

Abstract

I study an economy where sellers choose locations, and buyers choose which location to visit. All sellers in one location correspond to the Walrasian market while each seller in a separate location corresponds to the standard random matching model. Trades are consummated in auctions, and it turns out that the Walrasian market is not an equilibrium market structure. Rather, the sellers choose to distribute themselves in several locations endogenously creating the imperfectness of markets. I determine the number of sellers per location in equilibrium as a function of the ratio of buyers to sellers. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/S1094-2025(02)00016-9
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 6 (2003)
Issue (Month): 1 (January)
Pages: 240-251

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Handle: RePEc:red:issued:v:6:y:2003:i:1:p:240-251

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Related research

Keywords: Market structure; Matching; Auctions;

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References

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  1. Kultti, Klaus, 1999. "Equivalence of Auctions and Posted Prices," Games and Economic Behavior, Elsevier, vol. 27(1), pages 106-113, April.
  2. Herreiner, Dorothea K, 1999. "The Decision to Seek or to Be Sought," Discussion Paper Serie B 462, University of Bonn, Germany.
  3. Jansen, Marcel, 2010. "Job auctions and hold-ups," Labour Economics, Elsevier, vol. 17(3), pages 608-619, June.
  4. Michael Peters, 1999. "Competition among mechanism designers in a common value environment," Review of Economic Design, Springer, vol. 4(3), pages 273-292.
  5. Diamond, Peter, 1990. "Pairwise Credit in Search Equilibrium," The Quarterly Journal of Economics, MIT Press, vol. 105(2), pages 285-319, May.
  6. Lu, Xiaohua & McAfee, R. Preston, 1996. "The Evolutionary Stability of Auctions over Bargaining," Games and Economic Behavior, Elsevier, vol. 15(2), pages 228-254, August.
  7. Ricardo Lagos, 2000. "An Alternative Approach to Search Frictions," Journal of Political Economy, University of Chicago Press, vol. 108(5), pages 851-873, October.
  8. Melvyn G. Coles & Jan Eeckhout, 2000. "Heterogeneity as a coordination device," Economics Working Papers 510, Department of Economics and Business, Universitat Pompeu Fabra.
  9. Kiyotaki, Nobuhiro & Wright, Randall, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, American Economic Association, vol. 83(1), pages 63-77, March.
  10. Burdett, Ken & Coles, Melvyn G, 1997. "Marriage and Class," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 141-68, February.
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Cited by:
  1. Nie, Pu-yan, 2009. "Commitment for storable goods under vertical integration," Economic Modelling, Elsevier, vol. 26(2), pages 414-417, March.

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