A Model of Temporary Search Market Equilibrium
提出一种新的搜索市场理论，假设代理人对价格分布的信念基于有限矩和过去市场经验，证明了临时均衡的存在性、均衡对应的闭图性质以及价格离散的充分条件。
In the literature on search markets, agents know the distribution of prices or learn about it through short run Bayesian updating, even though the first assumption is unrealistic and the empirical evidence emphasizes learning in the intermediate and long runs. In this paper, a new search markets theory is developed where agents have beliefs about the distribution of prices based on finitely many of its moments and past market experiences. The main results are the existence of a Hicks–Grandmont temporary equilibrium, that the equilibrium correspondence has a closed graph, and sufficient conditions for price dispersion. A simple example illustrates the main ideas. Journal of Economic Literature Classification Numbers: D83, L13.