Uniqueness of equilibrium in directed search models

• 成果类型: Article
• 署名作者: Kim, Jaehong; Camera, Gabriele
• 署名单位: University of Basel; Purdue University System; Purdue University; Chapman University System; Chapman University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2013.11.004
• 发表日期: 2014
• 页码: 248-267
• 关键词: Nash equilibrium; matching; Price distribution; search

摘要

We study a decentralized trading model as in [7], where a finite number of heterogeneous capacity-constrained sellers compete for a finite number of homogeneous buyers, by posting prices. This directed search model is known to admit symmetric equilibria; yet, uniqueness has proved elusive. This study makes two contributions: a substantive contribution is to establish uniqueness of symmetric equilibrium; a methodological contribution is to develop a tool based on directional derivatives to characterize equilibrium. (C) 2013 Elsevier Inc. All rights reserved.