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Título : Search and bargaining in large markets with homogeneous traders
Autor : Ponsatí, Clara
Palabras clave : Bargaining
Market Equilibrium
Outside Options
Fecha de publicación : 1-sep-2001
Serie : UFAE and IAE Working Papers
533.02
Resumen: 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.
Descripción : Trabajo publicado como artículo en Contributions in Theoretical Economics 4(1): (2004).-- http://dx.doi.org/10.2202/1534-5971.1099
URI : http://hdl.handle.net/10261/1893
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