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Author (up) Carrasco, J.A.; Smith, L. doi  openurl
  Title Search at the Margin Type
  Year 2017 Publication American Economic Review Abbreviated Journal Am. Econ. Rev.  
  Volume 107 Issue 10 Pages 3146-3181  
  Abstract We extend search theory to multiple indivisible units and perfectly divisible assets, solving them respectively with induction and recursion. Buyer demands and prices are random, and the seller can partially exercise orders. With divisible assets, the Bellman value function is increasing and strictly concave, and the optimal reservation price falls in the position, reflecting increasing holding costs (opportunity cost of delaying optionality for inframarginal units). The marginal value exists, and is strictly convex with a falling purchase cap density. Our model is amenable to price-quantity bargaining; e.g., greater buyer bargaining power is tantamount to greater search frictions.  
  Address [Carrasco, Jose A.] 2640 Diagonal Las Torres, Santiago, Chile, Email:;  
  Corporate Author Thesis  
  Publisher Amer Economic Assoc Place of Publication Editor  
  Language English Summary Language Original Title  
  Series Editor Series Title Abbreviated Series Title  
  Series Volume Series Issue Edition  
  ISSN 0002-8282 ISBN Medium  
  Area Expedition Conference  
  Notes WOS:000416398000010 Approved  
  Call Number UAI @ eduardo.moreno @ Serial 898  
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