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Uniqueness of Equilibrium in Directed Search Models

Jaehong Kim

出版	SSRN, 2015
URL	http://books.google.com.hk/books?id=TjMAzwEACAAJ&hl=&source=gbs_api

註釋

We study a decentralized trading model as in Peters (1984), 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.