Fairness and competition in a bilateral matching market
研究动态双边匹配市场中交易者的公平态度如何影响议价结果，发现市场摩擦消失时均衡趋近瓦尔拉斯竞争均衡，公平可能带来帕累托改进也可能相反。
This paper analyzes fairness and bargaining in a dynamic bilateral matching market. Traders from both sides of the market are pairwise matched to share the gains from trade. The bargaining outcome depends on the traders' fairness attitudes. In equilibrium fairness matters because of market frictions. But, when these frictions become negligible, the equilibrium approaches the Walrasian competitive equilibrium, independently of the traders' inequity aversion. Fairness may yield a Pareto improvement; but also the contrary is possible. Overall, the market implications of fairness are very different from its effects in isolated bilateral bargaining.