Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/53293 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorPolanski, Arnolden
dc.contributor.authorLazarova, Emiliya A.en
dc.date.accessioned2011-06-03-
dc.date.accessioned2011-12-15T11:32:35Z-
dc.date.available2011-12-15T11:32:35Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/53293-
dc.description.abstractWe study dynamic multilateral markets, in which players' payoffs result from coalitional bargaining. In this setting, we establish payoff uniqueness of the stationary equilibria when players exhibit some degree of impatience. We focus on market games with different player types, and derive under mild conditions an explicit formula for each type's equilibrium payoff as market frictions vanish. The limit payoff of a type depends in an intuitive way on the supply and the demand for this type in the market, adjusted by the type-specific bargaining power. Our framework may be viewed as an alternative to the Walrasian price-setting mechanism. When we apply this methodology to the analysis of labor markets, we can determine endogenously the equilibrium firm size and remuneration scheme. We find that each worker type in a stationary market equilibrium is rewarded her marginal product, i.e. we obtain a strategic underpinning of the neoclassical wage. Interestingly, we can also replicate some standardized facts from the search-theoretical literature such as positive equilibrium unemployment.en
dc.language.isoengen
dc.publisher|aFondazione Eni Enrico Mattei (FEEM) |cMilanoen
dc.relation.ispartofseries|aNota di Lavoro |x44.2011en
dc.subject.jelC71en
dc.subject.jelC72en
dc.subject.jelC78en
dc.subject.jelJ30en
dc.subject.jelL20en
dc.subject.ddc330en
dc.subject.keywordMultilateral Bargainingen
dc.subject.keywordDynamic Marketsen
dc.subject.keywordLabor Marketsen
dc.titleDynamic multilateral markets-
dc.typeWorking Paperen
dc.identifier.ppn661241963en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
449.78 kB





Publikationen in EconStor sind urheberrechtlich geschützt.