Buyers and sellers: should I stay or should I go?
Article Abstract:
The nature of the market exchange process is examined in terms of a search-theoretic model of fiat money. The relative cost of transporting goods and money is an immediately observable factor that conditions buyers' decision to search for sellers for trading. Market equilibrium situations are possible where search costs do not hinder buyers from searching from sellers. However, such equilibrium settings are not symmetric since both parties exhibit fundamental differences in market behavior.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
A search-theoretic approach to monetary economics
Article Abstract:
Search theory is used to model the concept that the primary function of money is that of an exchange mechanism. An equilibrium model of the process of exchange is developed. The model appears to capture the 'double coincidence of wants problem' with barter. The model, which shows how the difficulty of barter provides fiat currency with a transactions role, is used to analyze issues related to monetary economics, such as the welfare-enhancing function of money.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1993
User Contributions:
Comment about this article or add new information about this topic:
Crime, inequality and unemployment
Article Abstract:
A search equilibrium model is developed to study the relation between crime, unemployment and inequality. The criminal opportunities because of unemployment are analyzed.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 2003
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Fresh fruits and Vegetables: The supply structure. Fresh Fruits and Vegetables: Forecast. Market size and trends
- Abstracts: Vitamins and Mineral Supplements: Market Segmentation. Vitamin and Mineral Supplements: Distribution
- Abstracts: Toys and Games: The Supply Structure. Toys and Games: Market Segmenation
- Abstracts: International and domestic collateral constraints in a model of emerging market crisis. Innovation, imitation, and growth with cumulative technology
- Abstracts: Saving and capital market imperfections: the Italian experience. Earnings uncertainty and precautionary saving