Dynamic directed random matching

• 成果类型: Article
• 署名作者: Duffle, Darrell; Qiao, Lei; Sun, Yeneng
• 署名单位: Stanford University; National Bureau of Economic Research; Shanghai University of Finance & Economics; National University of Singapore
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2017.11.011
• 发表日期: 2018
• 页码: 124-183
• 关键词: Independent dynamic random matching; directed search; Enduring partnerships; Exact law of large numbers; Population dynamics; Random mutation

摘要

We develop a general and unified model in which a continuum of agents conduct directed random searches for counterparties. Our results provide the first probabilistic foundation for static and dynamic models of directed search (including the matching-function approach) that are common in search-based models of financial markets, monetary theory, and labor economics. The agents' types are shown to be independent discrete-time Markov processes that incorporate the effects of random mutation, random matching with match-induced type changes, and with the potential for enduring partnerships that may have randomly timed break-ups. The multi-period cross-sectional distribution of types is shown to be deterministic and is calculated using the exact law of large numbers. (C) 2017 Published by Elsevier Inc.