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On the Efficiency of Matching and Related Models of Search and Unemployment
The Review of Economic Studies · 1990 · Vol. 57(2) · pp. 279–279
Arthur J. Hosios✉(University of Toronto)
Abstract
This paper describes a simple framework for evaluating the allocative performance of economies characterized by trading frictions and unemployment. This framework integrates the normative results of earlier Diamond-Mortensen-Pissarides bilateral matching-bargaining models of trade coordination and price-setting, and consists of a set of general conditions for constrained Pareto efficient resource allocation that are applicable to conventional natural rate models. To illustrate, several conventional models of the labour market are reformulated as matching-bargaining problems and analyzed using this framework.
Economic theories and modelsGame Theory and Voting SystemsMerger and Competition AnalysisEconomicsAllocative efficiencyMatching (statistics)UnemploymentPareto principleMicroeconomicsSet (abstract data type)Pareto optimalResource allocationNormative
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References
Equilibrium Distributions of Sales and Advertising Prices
The Review of Economic Studies · 1977 · 1,064 citations
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