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Matching With Phantoms

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  • Bruno Decreuse

    ()
    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - Université de la Méditerranée - Aix-Marseille II - Université Paul Cézanne - Aix-Marseille III - Ecole des Hautes Etudes en Sciences Sociales (EHESS) - CNRS : UMR6579)

Abstract

Searching for partners involves informational persistence that reduces future traders' matching probability. In this paper, traders that are no longer available but who left tracks on the market are called phantoms. I examine a discrete-time matching market in which phantom traders are a by-product of search activity, no coordination frictions are assumed, and non-phantom traders may lose time trying to match with phantom traders. The resulting aggregate matching technology features increasing returns to scale in the short run, but has constant returns to scale in the long run. I discuss the labor market evidence and argue that there is observational equivalence between phantom unemployed and on-the-job seekers.

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Bibliographic Info

Paper provided by HAL in its series Working Papers with number halshs-00472751.

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Date of creation: 13 Apr 2010
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Handle: RePEc:hal:wpaper:halshs-00472751

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Related research

Keywords: Endogenous matching technology; Intertemporal and intratemporal congestion externalities; Information persistence;

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