Price Dispersion with Directed Search
构建了一个模型，在导向搜索均衡中生成经验上合理的价格分布。卖家设定可重新谈判的价格，均衡时所有卖家定价相同但需求随机分布，产生销售价格离散。对劳动市场，模型预测当每个空缺职位的求职者平均数量较大时，实际工资密度函数呈正偏态且符合现实。
We present a model that generates empirically plausible price distributions in directed search equilibrium. There are many identical buyers and many identical capacity-constrained sellers who post prices. These prices can be renegotiated to some degree and the outcome depends on the number of buyers who want to purchase the good. In equilibrium all sellers post the same price, demand is randomly distributed, and there is sale price dispersion. Prices and distributions depend on market tightness and on the properties of renegotiation outcomes. In a labor market context, the model generates a strong empirical prediction. If workers can renegotiate the posted wage, then the model predicts a positively skewed and realistic-looking density function of realized wages when the mean number of job-seekers per vacancy is large..