On the Search-Theoretic Approach to Decentralized Markets

我们为货币经济学、劳动经济学和宏观经济学的搜索理论方法的发展做出了重大贡献。我们定期举办搜索理论研讨会(STW)，为领先的研究人员提供机会来开发他们的搜索理论模型。STW组织者的研究成果只是整个项目贡献的一部分。Imai考虑了无摩擦的新商品市场和有摩擦的转售市场之间的相互作用，并探讨了转售市场中搜索摩擦的福利含义和中间商的角色。在标准理论中，交易者随机会面，价格通过谈判确定，或者卖家通过公布价格来吸引买家来直接搜索。工藤开发了一种模式，交易员随机会面，但价格被公布。他还建立了将搜索理论与国际贸易相结合的试探性模型，以考虑贸易自由化对就业的影响。

We have made significant contributions to the development of the search-theoretic approach to monetary economics, labor economics, and macroeconomics. We have regularly held the Search Theory Workshop (STW) to provide opportunities for leading researchers to develop their search-theoretic models. The research outputs by the organizers of STW are only a part of the contributions of the entire project.Imai considers the interaction between the frictionless new good market and the frictional resale market, and explores the welfare implication of search friction in the resale market and the role of middlemen. In the standard theory, traders meet randomly and prices are determined through negotiations, or sellers deirect search by posting prices to attract buyers. Kudo develops a model in which traders meet randomly but prices are posted. He also make tentative models to integrate search theory with international trade to consider the effects of trade liberalization on employment.