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http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1893| Title: | Search and bargaining in large markets with homogeneous traders |
| Keywords: | Bargaining Market Equilibrium Outside Options |
| Description: | Trabajo publicado como artículo en Contributions in Theoretical Economics 4(1): (2004).-- http://dx.doi.org/10.2202/1534-5971.1099 We study pair-wise decentralized trade in dynamic markets with homogeneous, non-atomic, buyers and sellers that wish to exchange one unit. Pairs of traders are randomly matched and bargaining a price under rules that offer the freedom to quit the match at any time. Market equilbria, prices and trades over time, are characterized. The asymptotic behavior of prices and trades as frictions (search costs and impatience) vanish, and the conditions for (non) convergence to walrasian prices are explored. As a side product of independent interest, we present a self-contained theory of non-cooperative bargaining with two-sided, time-varying, outside options. |
| URI: | http://dspace.mediu.edu.my:8181/xmlui/handle/10261/1893 |
| Other Identifiers: | http://hdl.handle.net/10261/1893 |
| Appears in Collections: | Digital Csic |
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