Nonstandard foundations of equilibrium search models

• 成果类型: Article
• 署名作者: Rauh, Michael T.
• 署名单位: Indiana University System; IU Kelley School of Business; Indiana University Bloomington
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2004.07.011
• 发表日期: 2007
• 页码: 518-529
• 关键词: search; equilibrium search models; Nonstandard analysis

摘要

We develop an equilibrium sequential search model which includes most of the literature as special cases. In particular, the model can accommodate heterogeneity in buyers' search costs and demand functions and firms' cost functions, with general demand and cost functions. We identify conditions which ensure existence of equilibrium in pure strategies, utilizing recent progress in the theory of large games by Khan and Sun. These conditions elucidate the essential structure of equilibrium search models. Although we focus on sequential search, our methodology can be used for other classes of equilibrium search models as well. (c) 2005 Elsevier Inc. All rights reserved.