| Author: | Rauh, M. T. |
| Title: | A model of temporary search market equilibrium. |
| Journal: | Journal of Economic Theory
1997 : NOV, VOL. 77:1, p. 128-153 |
| Index terms: | MARKET SEARCH BAYESIAN STATISTICS PRICE THEORY AGENCIES |
| Language: | eng |
| Abstract: | In this paper a new search markets theory is developed where agents have beliefs about the distribution of prices based on finitely many of its moments and past market experiences. The main results are the existence of a Hicks- Grandmont temporary equilibrium correspondence has a closed graph, and sufficient conditions for price dispersion. A simple example illustrates the main ideas. |
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