search query: @indexterm RESOURCE ALLOCATION / total: 426
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| Author: | Moen, E. R. |
| Title: | Competitive search equilibrium |
| Journal: | Journal of Political Economy
1997 : APR, VOL. 105:2, p. 385-411 |
| Index terms: | EQUILIBRIUM ANALYSIS MODELS RESOURCE ALLOCATION |
| Language: | eng |
| Abstract: | In this article a new equilibrium concept for search models is constructed. The competitive search equilibrium generates a socially efficient allocation of resources. The equilibrium can be realized if firms can publicly announce wages for their vacant jobs. The resulting wage distribution is analysed. The model can be extended in various directions. The analysis illustrates that market frictions do not necessarily lead to an inefficient allocation of resources. |
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