9780415299923

The Economics of Search

by ;
  • ISBN13:

    9780415299923

  • ISBN10:

    0415299926

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2008-01-31
  • Publisher: Routledge
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Summary

The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods andeconometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory.

Table of Contents

Introduction
Mathematical methods
The history and evolution of sequential analysis
The basic sequential search model and its ramifications
Estimation methods for duration models
Unemployment, unemployment insurance and sequential job search
Job search in a dynamic economy
Expected utility maximizing job search
Multi-armed bandits and their economic applications
A sample of early responses to Diamond's paradox and Rothschild's complaint
Equilibrium search after the Diamond-Mortensen-Pissarides breakthrough
Structural estimation methods
The ubiquity of search
Topics for further inquiry
Table of Contents provided by Publisher. All Rights Reserved.

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