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Existence of a Non-Stationary Equilibrium in Search-And-Matching Models: TU and NTU

Author

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  • Christopher Sandmann
  • Nicolas Bonneton

Abstract

This paper proves the existence of a non-stationary equilibrium in the canonical search- and-matching model with heterogeneous agents. Non-stationarity entails that the number and characteristics of unmatched agents evolve endogenously over time. An equilibrium exists under minimal regularity conditions and for both paradigms considered in the literature: transferable and non-transferable utility. We suggest that our proof strategy applies more broadly to a class of continuous-time, infinite-horizon models with a continuum of heterogeneous agents, also referred to as mean-field games, that evolve deterministically over time.

Suggested Citation

  • Christopher Sandmann & Nicolas Bonneton, 2023. "Existence of a Non-Stationary Equilibrium in Search-And-Matching Models: TU and NTU," CRC TR 224 Discussion Paper Series crctr224_2023_427, University of Bonn and University of Mannheim, Germany.
    • Handle: RePEc:bon:boncrc:crctr224_2023_427
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    File URL: https://www.crctr224.de/research/discussion-papers/archive/dp427
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    Cited by:

    1. Nicolas Bonneton & Christopher Sandmann, 2023. "Non-Stationary Search and Assortative Matching," CRC TR 224 Discussion Paper Series crctr224_2023_465, University of Bonn and University of Mannheim, Germany.

    More about this item

    Keywords

    equilibrium existence; search and matching; non-stationary; mean-field game;
    All these keywords.

    JEL classification:

    • L31 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Nonprofit Institutions; NGOs; Social Entrepreneurship
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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