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Directed Search: A Guided Tour

Veronica Guerrieri, Benoit Julien (), Philipp Kircher and Randall Wright

No 12315, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This essay surveys the literature on directed/competitive search, covering theory and applications in, e.g., labor, housing and monetary economics. These models share features with traditional search theory, yet differ in important ways. They share features with general equilibrium theory, but with explicit frictions. Equilibria are typically efficient, in part because markets price goods plus the time required to get them. The approach is tractable and arguably realistic. Results are presented for finite and large economies. Private information and sorting with heterogeneity are analyzed. Some evidence is discussed. While emphasizing issues and applications, we also provide several hard-to-find technical results.

Keywords: competitive search; directed search; job search; survey; Wage setting (search for similar items in EconPapers)
JEL-codes: J3 J64 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-lab and nep-mic
Date: 2017-09
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