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An Equilibrium Analysis of Search and Breach of Contract, I

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  • P. Diamond
  • E. Maskin

Abstract

The literature on markets where agents have imperfect information about their trading possibilities has been growing considerably. Many models of this literature depend fundamentally on asymmetries : either buyers or sellers set prices but not both. We, however, shall consider a symmetric model where individuals meet pairwise and negotiate contracts. Individuals find potential contracting partners in a costly, stochastic search process. The purpose of a contract is to carry out a single project. The worth of a project depends on the quality of the match between the two individuals. Our model, in fact, assumes for simplicity precisely two qualities : good (project with large output) and poor (project with small output). An individual, therefore, can be in any of these three positions : without a partner, in a poor partnership, or in a good partnership.

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Bibliographic Info

Paper provided by Massachusetts Institute of Technology (MIT), Department of Economics in its series Working papers with number 221.

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Date of creation: Jul 1978
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Handle: RePEc:mit:worpap:221

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), DEPARTMENT OF ECONOMICS, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA
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Cited by:
  1. Garcia, René, 1986. "La théorie économique de l’information : exposé synthétique de la littérature," L'Actualité Economique, Société Canadienne de Science Economique, Société Canadienne de Science Economique, vol. 62(1), pages 88-109, mars.
  2. Flinn, C. & Heckman, J., 1982. "New methods for analyzing structural models of labor force dynamics," Journal of Econometrics, Elsevier, Elsevier, vol. 18(1), pages 115-168, January.

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