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Marketplaces and Matching

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  • Coles, Melvyn G
  • Smith, Eric

Abstract

This paper models trading patterns when marketplaces exist and goods are differentiated. When first visiting the market, a buyer samples a stock of goods. If fortunate, the buyer finds a match, purchases one of these goods, and then exits. If not, the buyer can now only match with the flow of new goods. In a steady state, the stock of unmatched traders on one side of the market is trying to match with the flow of new traders on the other side. This behavior is shown to describe matching patterns between unemployed job seekers and vacancies in U.K. job centers. Copyright 1998 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Coles, Melvyn G & Smith, Eric, 1998. "Marketplaces and Matching," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 239-254, February.
  • Handle: RePEc:ier:iecrev:v:39:y:1998:i:1:p:239-54
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    JEL classification:

    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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