The Search and Matching Model

Orlando Gomes

Chapter Chapter 5 in Intertemporal and Strategic Modelling in Economics, 2022, pp 109-129 from Springer

Abstract: Abstract This chapter focus on search and matching models, with special attention attributed to labor markets. The labor search and matching model offers an explanation for the emergence of involuntary unemployment in a setting where two classes of homogeneous agents, employers and job seekers, separately solve their intertemporal optimality problems. Unemployment emerges, in this setting, as the equilibrium result of a decentralized and uncoordinated process, where each type of agent desires to accomplish its own best possible outcome. The search and matching model is originally a model of the labor market, but it can be adapted to other settings where although agents pursue distinct goals, an aggregate outcome must be jointly determined (e.g., demand and supply interactions in any market other than the labor market).

Date: 2022
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DOI: 10.1007/978-3-031-09600-6_5

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