Decentralized bargaining in matching markets: Efficient stationary equilibria and the core
研究匹配市场中工人与企业分散化谈判的均衡结果，发现效率损失（错配和延迟）常因谈判地位变化而出现，且延迟在纵向差异化市场中会自上而下地内生清除。
This paper studies market clearing in matching markets. The model is non-cooperative, fully decentralized, and in Markov strategies. Workers and firms bargain with each other to determine who will be matched to whom and at what terms of trade. Once a worker-firm pair reach agreement they exit the market. Alternative possible matches affect agents' bargaining positions. We ask when do such markets clear efficiently and find that inefficiencies - mismatch and delay - often feature. Mismatch occurs whenever an agent's bargaining position is at risk of deteriorating. Delay occurs whenever agents expect their bargaining position to improve. Delay can be extensive and structured with vertically differentiated markets endogenously clearing from the top down.