Existence of a Non-Stationary Equilibrium in Search-And-Matching Models: TU and NTU

Christopher Sandmann () and Nicolas Bonneton ()

CRC TR 224 Discussion Paper Series from University of Bonn and University of Mannheim, Germany

Abstract: This paper proves the existence of a non-stationary equilibrium in the canonical search- and-matching model with heterogeneous agents. Non-stationarity entails that the number and characteristics of unmatched agents evolve endogenously over time. An equilibrium exists under minimal regularity conditions and for both paradigms considered in the literature: transferable and non-transferable utility. To address potential discontinuities in match opportunities across types, our analysis introduces a generalized Schauder fixed- point theorem suitable for models with discontinuous value functions.

Keywords: equilibrium existence; search and matching; non-stationary; mean-field game (search for similar items in EconPapers)
JEL-codes: C73 C78 D81 E32 (search for similar items in EconPapers)
Pages: 56
Date: 2023-05, Revised 2025-02
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Persistent link: https://EconPapers.repec.org/RePEc:bon:boncrc:crctr224_2023_427v2

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