Template-Type: ReDIF-Paper 1.0
Title: Existence of a Non-Stationary Equilibrium in Search-And-Matching Models: TU and NTU
Author-Name: Christopher Sandmann
Author-Email: c.sandmann@Ise.ac.uk
Author-Name: Nicolas Bonneton
Author-Email: nicolas.bonneton@gmail.com
Classification-JEL: L31, L15, D91
Keywords: equilibrium existence, search and matching, non-stationary, mean-field game

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.

Note: 
Length: 45
Creation-Date: 2023-05
Revision-Date: 
File-URL: https://www.crctr224.de/research/discussion-papers/archive/dp427
File-Format: application/pdf
Handle: RePEc:bon:boncrc:CRCTR224_2023_427