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Bilateral Search and Vertical Heterogeneity

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  • Eeckhout, Jan

Abstract

Just like perfect (frictionless) matching models, a search model is proposed that is characterized by bilateral search and vertical heterogeneity. It allows for a generally specified utility function. The equilibrium allocation is unique and exists in iterated strict dominance. The model is robust with the perfect matching model as frictions disappear. Nonetheless, the equilibrium allocations are surprisingly odd. For multiplicatively separable preferences, the distributions are partitioned endogenously. And for a wide range of preferences, matching sets are naturally disconnected. Copyright 1999 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Eeckhout, Jan, 1999. "Bilateral Search and Vertical Heterogeneity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 40(4), pages 869-887, November.
  • Handle: RePEc:ier:iecrev:v:40:y:1999:i:4:p:869-87
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