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Abstract

Random matching models with a continuum population are widely used in economics to study environments where agents interact in small coalitions. This paper provides foundations to such models. In particular, the paper establishes an existence result for random matchings that are universal in the sense that certain desirable properties are satisfied for any assignment of types to agents. The result applies to infinitely many types of agents, thus covering random matching models which are currently used in the literature without a foundation. Furthermore, the paper provides conditions guaranteeing uniqueness of random matching.

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File URL: http://hdl.handle.net/10.1007/s00199-010-0584-4
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 50 (2012)
Issue (Month): 1 (May)
Pages: 1-29

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Handle: RePEc:spr:joecth:v:50:y:2012:i:1:p:1-29

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Related research

Keywords: Random matching; Involution; Independence; Continuum population; Fubini extension; C00; C02; C73; C78;

Other versions of this item:

Find related papers by JEL classification:

• C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
• C00 - Mathematical and Quantitative Methods - - General - - - General
• C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
• C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

References

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19. Molzon, Robert & Puzzello, Daniela, 2010. "On the observational equivalence of random matching," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1283-1301, May.
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Cited by:

1. Braz Camargo & Benjamin Lester, 2011. "Trading dynamics in decentralized markets with adverse selection," Working Papers 11-36, Federal Reserve Bank of Philadelphia.
   
   • Ben Lester & Braz Camargo, 2010. "Trading Dynamics in Decentralized Markets with Adverse Selection," 2010 Meeting Papers 488, Society for Economic Dynamics.
   • Ben Lester & Braz Camargo, 2011. "Trading Dynamics in Decentralized Markets with Adverse Selection," 2011 Meeting Papers 1300, Society for Economic Dynamics.

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