Transition Dynamics in Equilibrium Search
研究了一个动态均衡搜索模型，其中卖方出售资产的紧迫性不同，买方在不了解卖方紧迫性的情况下策略性出价，分析了意外冲击后过渡路径上的流动性和价格动态，发现过渡期可能出现市场崩溃和价格超调。
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.