Existence of a non-stationary equilibrium in search-and-matching models: tu and ntu

Christopher Sandmann and Nicolas Bonneton

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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 search; mean field games; fixed point theorem (search for similar items in EconPapers)
JEL-codes: C78 D83 E32 (search for similar items in EconPapers)
Pages: 50 pages
Date: 2025-11-26
New Economics Papers: this item is included in nep-dge and nep-mic
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Published in Theoretical Economics, 26, November, 2025, 20(4), pp. 1411 - 1460. ISSN: 1933-6837

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