Directed Search: A Guided Tour / Randall Wright, Philipp Kircher, Benoit Julîen, Veronica Guerrieri.

Format:

Book

Author/Creator:

Wright, Randall.

Contributor:

National Bureau of Economic Research.

Kircher, Philipp.

Julîen, Benoit.

Guerrieri, Veronica.

Series:

Working Paper Series (National Bureau of Economic Research) no. w23884.

NBER working paper series no. w23884

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Directed Search

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2017.

Summary:

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.

Notes:

Print version record

September 2017.