Search, Bargaining, Money, and Prices

搜索、讨价还价、金钱和价格

• 批准号: 9308687
• 负责人: Randall Wright
• 金额: --
• 依托单位: University of Pennsylvania
• 依托单位国家: 美国
• 项目类别: Continuing grant
• 财政年份: 1993
• 资助国家: 美国
• 起止时间: 1993-08-01 至 1997-01-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9308687&HistoricalAwards=false
• 关键词: Search; Bargaining; Money; Prices

9308687 Wright Under his previous NSF grant, the investigator used search theory to formalize the transactions role of money. This was an important contribution because it allowed analysts to rigorously study the way preferences, production possibilities, technology and market frictions shape the pattern of trade. Work using a search-theoretic approach to money demand is providing many new insights into money's function and the relationships between money and real variables. This project will develop a new line of bargaining monetary models of search and price formation, introduce credit into search models of money. The project will continue research on the microfoundations of "who meets who and how" that are behind the entire search framework, on an evolutionary approach to search models of money, and on money with private information. The research on price formation addresses an important criticism of existing models of money demand. These models are incomplete, in the sense that while they analyze the exchange process, they neglect the determination of prices. Either these models assume that prices are fixed, or they assume that objects are indivisible and therefore must trade one-for-one, or they impose some other ad hoc assumption on prices. The framework developed under this project has explicit bilateral bargaining over prices, so that monetary exchange rates are not assumed but derived from the model. The development of these models will permit the systematic study of the way the underlying strategic environment affects money and price formation. ***

9308687 Wright在他之前的NSF资助下，研究人员使用搜索理论来正式化货币的交易角色。 这是一项重要的贡献，因为它使分析人员能够严格研究偏好、生产可能性、技术和市场摩擦如何影响贸易格局。 使用搜索理论的方法来研究货币需求，为货币的功能以及货币与真实的变量之间的关系提供了许多新的见解。 本项目将开发一种新的搜索和价格形成的讨价还价货币模型，将信用引入货币的搜索模型。 该项目将继续研究整个搜索框架背后的“谁与谁相遇以及如何相遇”的微观基础，研究货币搜索模型的进化方法，以及研究带有私人信息的货币。 对价格形成的研究解决了对现有货币需求模型的一个重要批评。 这些模型是不完整的，因为当它们分析交换过程时，它们忽略了价格的决定。 这些模型要么假设价格是固定的，要么假设物品是不可分割的，因此必须一对一交易，要么对价格强加一些其他特别的假设。 在这个项目下开发的框架有明确的双边价格谈判，因此货币汇率不是假设的，而是从模型中得出的。 这些模型的发展将允许系统的研究方式的基本战略环境影响货币和价格的形成。 ***