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A Walrasian Rubinstein and Wolinsky model

Listed author(s):
  • Shneyerov, Artyom
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    We provide a full dynamic analysis of a continuous-time variant of Rubinstein and Wolinsky (1985) matching and bargaining model with unbalanced flows of buyers and sellers. The focus is on the price limit as the frictions of search are removed. It is found that a necessary and sufficient condition for the limit price to be Walrasian at all times is the alignment of the initial buyer and seller stocks with the flows.

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    File URL: http://www.sciencedirect.com/science/article/pii/S016517651400216X
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    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 124 (2014)
    Issue (Month): 2 ()
    Pages: 314-317

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    Handle: RePEc:eee:ecolet:v:124:y:2014:i:2:p:314-317
    DOI: 10.1016/j.econlet.2014.06.005
    Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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    1. Stephan Lauermann, 2013. "Dynamic Matching and Bargaining Games: A General Approach," American Economic Review, American Economic Association, vol. 103(2), pages 663-689, April.
    2. Mark Satterthwaite & Artyom Shneyerov, 2007. "Dynamic Matching, Two-Sided Incomplete Information, and Participation Costs: Existence and Convergence to Perfect Competition," Econometrica, Econometric Society, vol. 75(1), pages 155-200, 01.
    3. Shneyerov, Artyom & Wong, Adam Chi Leung, 2010. "Bilateral matching and bargaining with private information," Games and Economic Behavior, Elsevier, vol. 68(2), pages 748-762, March.
    4. Gale, Douglas, 1987. "Limit theorems for markets with sequential bargaining," Journal of Economic Theory, Elsevier, vol. 43(1), pages 20-54, October.
    5. Alp E. Atakan, 2010. "Efficient Dynamic Matching with Costly Search," KoƧ University-TUSIAD Economic Research Forum Working Papers 1030, Koc University-TUSIAD Economic Research Forum.
    6. Shneyerov, Artyom & Wong, Adam Chi Leung, 2010. "The rate of convergence to perfect competition of matching and bargaining mechanisms," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1164-1187, May.
    7. Dale T. Mortensen & Randall Wright, 2002. "Competitive Pricing and Efficiency in Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 1-20, February.
    8. Satterthwaite, Mark & Shneyerov, Artyom, 2008. "Convergence to perfect competition of a dynamic matching and bargaining market with two-sided incomplete information and exogenous exit rate," Games and Economic Behavior, Elsevier, vol. 63(2), pages 435-467, July.
    9. Max R. Blouin & Roberto Serrano, 2001. "A Decentralized Market with Common Values Uncertainty: Non-Steady States," Review of Economic Studies, Oxford University Press, vol. 68(2), pages 323-346.
    10. Asher Wolinsky, 1988. "Dynamic Markets with Competitive Bidding," Review of Economic Studies, Oxford University Press, vol. 55(1), pages 71-84.
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