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General Equilibrium with Real Time Search in Labor and Product Market s

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  • Wernerfelt, Birger

Abstract

This paper is concerned with economies in which agents find sellers and employers in a time-consuming search process while they simultaneously trade with their current partners. A symmetric steady-state equilibrium does not exist, but asymmetric steady-state equilibria exist and are such that larger firms offer higher wages and charge lower prices than smaller firms, but still make more profits. These profits can be seen as rents from a superior market position. Copyright 1988 by University of Chicago Press.

Suggested Citation

  • Wernerfelt, Birger, 1988. "General Equilibrium with Real Time Search in Labor and Product Market s," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 821-831, August.
    • Handle: RePEc:ucp:jpolec:v:96:y:1988:i:4:p:821-31
    DOI: 10.1086/261564
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    Cited by:

    1. Alex Coad & Sven-Olov Daunfeldt & Daniel Halvarsson, 2022. "Amundsen versus Scott: are growth paths related to firm performance?," Small Business Economics, Springer, vol. 59(2), pages 593-610, August.
    2. Dale T. Mortensen, 1988. "Equilibrium Wage Distrihutions: A Synthesis," Discussion Papers 811, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    3. Birger Wernerfelt, 1988. "On Existence of a Nash Equilibrium Point in N-Person Nunzero Sum Stochastic Jump Differential Games," Discussion Papers 779, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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