Directed Search: A Guided Tour

Philipp Kircher, Randall Wright, Benoit Julien and Veronica Guerrieri

No 12315, CEPR Discussion Papers from Centre for Economic Policy Research

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: Directed search; Competitive search; Wage setting; Job search; Survey (search for similar items in EconPapers)
JEL-codes: J3 J64 (search for similar items in EconPapers)
Date: 2017-09
New Economics Papers: this item is included in nep-dge, nep-lab and nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (40)

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Working Paper: Directed Search: A Guided Tour (2017)
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