Transition dynamics in equilibrium search
dc.contributor.author | Akın, Şerife Nuray | |
dc.contributor.author | Platt, B. C. | |
dc.date.accessioned | 2023-09-11T12:10:03Z | |
dc.date.available | 2023-09-11T12:10:03Z | |
dc.date.issued | 2022 | |
dc.identifier.issn | 1945-7669 | en_US |
dc.identifier.uri | http://hdl.handle.net/10679/8786 | |
dc.identifier.uri | https://www.aeaweb.org/articles?id=10.1257/mic.20200227 | |
dc.description.abstract | We study a dynamic equilibrium search model where sellers differ in their urgency to liquidate an asset. Buyers strategically make price offers without knowing a given seller’s urgency. We study liquidity and price dynamics on the transition path after an unexpected shock. Generically, the transition includes a phase where all buyers offer the same price, causing a market collapse; however, price dispersion resumes in finite time, leading to a recovery where both types make sales. We show that prices and liquidity can overshoot before converging to the steady state. When relaxed sellers randomly become desperate, dampening oscillations can occur. | en_US |
dc.language.iso | eng | en_US |
dc.publisher | American Economic Association | en_US |
dc.relation.ispartof | American Economic Journal: Microeconomics | |
dc.rights | restrictedAccess | |
dc.title | Transition dynamics in equilibrium search | en_US |
dc.type | Article | en_US |
dc.peerreviewed | yes | en_US |
dc.contributor.department | Özyeğin University | |
dc.contributor.authorID | (ORCID 0000-0002-4801-0801 & YÖK ID 247147) Akın, Nuray | |
dc.contributor.ozuauthor | Akın, Şerife Nuray | |
dc.identifier.volume | 14 | en_US |
dc.identifier.issue | 4 | en_US |
dc.identifier.startpage | 158 | en_US |
dc.identifier.endpage | 199 | en_US |
dc.identifier.wos | WOS:000892124100006 | |
dc.identifier.doi | 10.1257/mic.20200227 | en_US |
dc.identifier.scopus | SCOPUS:2-s2.0-85163874375 | |
dc.relation.publicationcategory | Article - International Refereed Journal - Institutional Academic Staff |
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