Competitive Search Equilibrium
In this paper, the author constructs an equilibrium for markets with frictions, which is competitive in the sense that all agents are price takers and maximize utility subject to a set of market parameters. He shows that the equilibrium can be achieved if employers with vacancies can advertise publicly the wages they pay. Copyright 1997 by the University of Chicago.
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References listed on IDEAS
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- Arthur J. Hosios, 1990. "On The Efficiency of Matching and Related Models of Search and Unemployment," Review of Economic Studies, Oxford University Press, vol. 57(2), pages 279-298.
- Makowski, Louis, 1980. "Perfect competition, the profit criterion, and the organization of economic activity," Journal of Economic Theory, Elsevier, vol. 22(2), pages 222-242, April.
- Sandler, Todd & Tschirhart, John T, 1980. "The Economic Theory of Clubs: An Evaluative Survey," Journal of Economic Literature, American Economic Association, vol. 18(4), pages 1481-1521, December.
- Peters, Michael, 1991. "Ex Ante Price Offers in Matching Games Non-steady States," Econometrica, Econometric Society, vol. 59(5), pages 1425-1454, September.
- Douglas Gale, 1992. "A Walrasian Theory of Markets with Adverse Selection," Review of Economic Studies, Oxford University Press, vol. 59(2), pages 229-255.
- Gerard R. Butters, 1977. "Equilibrium Distributions of Sales and Advertising Prices," Review of Economic Studies, Oxford University Press, vol. 44(3), pages 465-491.
- Scotchmer, Suzanne & Wooders, Myrna Holtz, 1987. "Competitive equilibrium and the core in club economies with anonymous crowding," Journal of Public Economics, Elsevier, vol. 34(2), pages 159-173, November.
- Harry J. Holzer & Lawrence F. Katz & Alan B. Krueger, 1988.
"Job Queues and Wages: New Evidence on the Minimum Wage and Inter-Industry Wage Structure,"
NBER Working Papers
2561, National Bureau of Economic Research, Inc.
- Harry J. Holzer & Lawrence F. Katz & Alan B. Krueger, 1988. "Job Queues and Wages: New Evidence on the Minimum Wage and Inter-Industry Wage Structure," Working Papers 610, Princeton University, Department of Economics, Industrial Relations Section..
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