| 000 -LEADER |
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| fixed length control field |
01186nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210226b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Mauring, Eeva |
| 245 ## - TITLE STATEMENT |
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| Title |
Informational cycles in search markets |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal: Microeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(4), Nov, 2020: p.170-192 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
I show that market participants' equilibrium beliefs can create fluctuations in the volume of trading, even in a stationary environment. I study a sequential search model where buyers face an unknown distribution of offers. Each buyer learns about the distribution by observing whether a randomly chosen buyer traded yesterday. A cyclical equilibrium exists where the informational content of observing a trade fluctuates, which leads to fluctuations in the volume of trading. The cyclical equilibrium is more efficient than steady-state equilibria. The efficiency result holds also if buyers get a signal about past transaction prices or past trading volumes. – Reproduced
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| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Asymmetric and private information; Mechanism design |
| 9 (RLIN) |
25712 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal: Microeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
COMMUNICATION |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
