Multilateral and bilateral meetings with production heterogeneity

Multilateral and bilateral meetings with production heterogeneity

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Article ID: iaor2005611
Country: Finland
Volume: 16
Issue: 1
Start Page Number: 27
End Page Number: 37
Publication Date: Jan 2003
Journal: Finnish Economic Papers
Authors: ,
Abstract:

We study different trading processes in the context of a search-based model of endogenous money. We incorporate heterogeneity into the model by allowing multiple meetings of agents and divisible production. We then determine the equilibrium using three different trading mechanisms: auctions, pairwise bargaining and price posting. The welfare under these mechanisms is compared using specific functional forms for utility and cost functions. The analysis is done numerically with the benchmark of a social welfare maximising planner.

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