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

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Author Info
Wernerfelt, Birger

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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.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 96 (1988)
Issue (Month): 4 (August)
Pages: 821-31
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Handle: RePEc:ucp:jpolec:v:96:y:1988:i:4:p:821-31

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  1. Dale T. Mortensen, 1988. "Equilibrium Wage Distrihutions: A Synthesis," Discussion Papers 811, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
  2. 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. [Downloadable!]
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This page was last updated on 2009-12-12.

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