Price Dynamics and the Market for Access to Trading Partners
At each point in time, price dynamics in a market are determined by a market for access to trading partners, implemented by competitive profit-maximizing brokers. This mechanism is applied to a market in which the value of a good declines over time and buyers decide optimally when to reenter the market and buy a new unit. Price adjustment paths in response to increases and decreases in demand are then derived using the differential equations generated by the model.
|Date of creation:||2003|
|Date of revision:|
|Contact details of provider:|| Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.|
Phone: (518) 442-4735
Fax: (518) 442-4736
|Order Information:|| Postal: Department of Economics, BA 110 University at Albany State University of New York Albany, NY 12222 U.S.A.|
Web: http://www.albany.edu/economics/research/workingp/index.shtml Email:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ariel Rubinstein & Asher Wolinsky, 1987. "Middlemen," The Quarterly Journal of Economics, Oxford University Press, vol. 102(3), pages 581-593.
- Yavas, Abdullah, 1994. "Middlemen in Bilateral Search Markets," Journal of Labor Economics, University of Chicago Press, vol. 12(3), pages 406-29, July.
- Mortensen, Dale T & Pissarides, Christopher, 1999.
"New Developments in Models of Search in the Labour Market,"
CEPR Discussion Papers
2053, C.E.P.R. Discussion Papers.
- Mortensen, Dale T. & Pissarides, Christopher A., 1999. "New developments in models of search in the labor market," Handbook of Labor Economics, in: O. Ashenfelter & D. Card (ed.), Handbook of Labor Economics, edition 1, volume 3, chapter 39, pages 2567-2627 Elsevier.
- Moen, E.R., 1995.
"Competitive Search Equilibrium,"
37/1995, Oslo University, Department of Economics.
- Wilson, Robert B, 1989. "Efficient and Competitive Rationing," Econometrica, Econometric Society, vol. 57(1), pages 1-40, January.
- Chatterjee, K. & Dutta, B., 1994.
"Rubinstein auctions : On competition for bargaining partners,"
1994-57, Tilburg University, Center for Economic Research.
- Chatterjee, Kalyan & Dutta, Bhaskar, 1998. "Rubinstein Auctions: On Competition for Bargaining Partners," Games and Economic Behavior, Elsevier, vol. 23(2), pages 119-145, May.
- Moreno, Diego & Wooders, John, 2002.
"Prices, Delay, and the Dynamics of Trade,"
Journal of Economic Theory,
Elsevier, vol. 104(2), pages 304-339, June.
- Nti, Kofi O. & Shubik, Martin, 1984. "Noncooperative exchange using money and broker-dealers," Mathematical Social Sciences, Elsevier, vol. 7(1), pages 59-82, February.
- Dale T. Mortensen & Randall Wright, 2002. "Competitive Pricing and Efficiency in Search Equilibrium," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 43(1), pages 1-20, February.
- Sattinger, Michael, 1990. "Unemployment, the Market for Interviews, and Wage Employment," Journal of Political Economy, University of Chicago Press, vol. 98(2), pages 356-71, April.
- John Wooders, 1997.
"Equilibrium in a market with intermediation is Walrasian,"
Review of Economic Design,
Springer;Society for Economic Design, vol. 3(1), pages 75-89.
- Wooders, John, 1994. "Equilibrium in a market with intermediation is Walrasian," UC3M Working papers. Economics 2981, Universidad Carlos III de Madrid. Departamento de Economía.
- Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
- 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.
- Thomas Gehrig, 1993.
"Intermediation in Search Markets,"
1058, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Douglas Gale, 1992. "A Walrasian Theory of Markets with Adverse Selection," Review of Economic Studies, Oxford University Press, vol. 59(2), pages 229-255.
When requesting a correction, please mention this item's handle: RePEc:nya:albaec:03-10. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John Bailey Jones)
If references are entirely missing, you can add them using this form.