Search for an object with two attributes
This paper presents and analyzes a simple equilibrium search model. On one side, there is a population of searchers; on the other side, a population of objects. Searchers are strategic decision makers who are there to get matched to an object, while objects have no preferences or decisions to make. The main novelty is that an object is characterized by two attributes, but a searcher can observe only one at the point of decision. This generates some interesting phenomena such as multiplicity of equilibria, in some of which the searcher's payoff is a discontinuous function of the observed attribute and the adoption decision is not everywhere monotonic in the observed attribute.
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References listed on IDEAS
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- Steven J. Davis, 2001. "The Quality Distribution of Jobs and the Structure of Wages in Search Equilibrium," NBER Working Papers 8434, National Bureau of Economic Research, Inc.
- Ben Lockwood, 1991. "Information Externalities in the Labour Market and the Duration of Unemployment," Review of Economic Studies, Oxford University Press, vol. 58(4), pages 733-753. Full references (including those not matched with items on IDEAS)
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