NDLI: Random Versus Directed Search for Scarce Resources

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Random Versus Directed Search for Scarce Resources

Content Provider	Scilit
Author	Mekonnen, Teddy
Copyright Year	2018
Description	Journal: SSRN Electronic Journal In this paper, I study the welfare effects of adverse selection and congestion in search markets. There is a large mass of agents (e.g., firms) with homogeneous preferences and a relatively smaller mass of objects (e.g., workers) that differ in quality. Agents search for objects either through random or directed search. Random search — agents are randomly matched to an object of any quality — gives rise to adverse selection, while directed search — agents choose with which quality types to match — gives rise to congestion. When utility is either non-transferable or transferable through Nash bargaining, I show that random search dominates directed search in terms of welfare, even though each agent would prefer to be able to direct her search.
Related Links	https://authors.library.caltech.edu/96008/1/Search-1.pdf https://papers.ssrn.com/sol3/Delivery.cfm?abstractid=3275771
ISSN	10914358
e-ISSN	15565068
DOI	10.2139/ssrn.3275771
Journal	SSRN Electronic Journal
Language	English
Publisher	Elsevier BV
Publisher Date	2018-12-02
Access Restriction	Open
Subject Keyword	Journal: SSRN Electronic Journal Operations Research and Management Science Adverse Selection
Content Type	Text
Resource Type	Article
Subject	Public Health, Environmental and Occupational Health Psychiatry and Mental Health

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