Miracle on Sixth Avenue: Information Externalities and Search
After a long dormant period, lower Sixth Avenue in New York has undergone a rapid revitalization. The authors show that a simple search theoretic model with information spillovers can explain both the period of underuse and the rapid turnaround. The model reduces to a simple equation, which allows them to do comparative statics on the duration of vacancies. The authors show how the solution reacts to changes in market structure and changes in search technology. The model is suggestive of difficulties that may occur in many markets in which there are changes over time in the optimal use of resources.
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