2013 Fiscal Year Final Research Report
On the Search-Theoretic Approach to Decentralized Markets
| Project/Area Number |
22530183
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Kyushu University |
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Principal Investigator |
IMAI RYOICHI 九州大学, 留学生センター, 准教授 (10298507)
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| Co-Investigator(Kenkyū-buntansha) |
工藤 教孝 北海道大学, 公共政策学連携研究部, 准教授 (80334598)
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| Project Period (FY) |
2010-04-01 – 2014-03-31
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| Keywords | サーチ / 貨幣理論 / 労働市場 / マクロ経済学 |
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| Research Abstract |
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.
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