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Directed Search: A Guided Tour

Author

Listed:
  • Randall Wright
  • Philipp Kircher
  • Benoit Julîen
  • Veronica Guerrieri

Abstract

This essay surveys the literature on directed/competitive search, covering theory and applications in, e.g., labor, housing and monetary economics. These models share features with traditional search theory, yet differ in important ways. They share features with general equilibrium theory, but with explicit frictions. Equilibria are typically efficient, in part because markets price goods plus the time required to get them. The approach is tractable and arguably realistic. Results are presented for finite and large economies. Private information and sorting with heterogeneity are analyzed. Some evidence is discussed. While emphasizing issues and applications, we also provide several hard-to-find technical results.

Suggested Citation

  • Randall Wright & Philipp Kircher & Benoit Julîen & Veronica Guerrieri, 2017. "Directed Search: A Guided Tour," NBER Working Papers 23884, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:23884
    Note: AP EFG LS ME
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    2. Belot, Michèle & Kircher, Philipp & Muller, Paul, 2018. "How Wage Announcements Affect Job Search: A Field Experiment," IZA Discussion Papers 11814, Institute for the Study of Labor (IZA).
    3. Duffie, Darrell & Qiao, Lei & Sun, Yeneng, 2018. "Dynamic directed random matching," Journal of Economic Theory, Elsevier, vol. 174(C), pages 124-183.
    4. repec:eee:jetheo:v:172:y:2017:i:c:p:376-409 is not listed on IDEAS
    5. Frédéric Gavrel, 2018. "Mismatch and Wage Posting," Working Papers halshs-01884213, HAL.
    6. Mangin, Sephorah, 2017. "A theory of production, matching, and distribution," Journal of Economic Theory, Elsevier, vol. 172(C), pages 376-409.
    7. Han Han & Benoit Julien & Asgerdur Petursdottir & Liang Wang, 2017. "Asset Pricing Equilibria with Indivisible Goods," Working Papers 201705, University of Hawaii at Manoa, Department of Economics.
    8. Belot, Michele & Kircher, Philipp & Muller, Paul, 2018. "How wage announcements affect job search - a field experiment," Working Papers in Economics 739, University of Gothenburg, Department of Economics.

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    JEL classification:

    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search

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