Essays in search theory (2000)
The dissertation analyzes several important applications of the search-theoretic approach to monetary economics and intermediation theory. After presenting in the first chapter (joint with Peter...
Heterogeneity and Lotteries in Monetary Search Models
SÉBASTIEN LOTZ, ANDREI SHEVCHENKO, CHRISTOPHER WALLER
We introduce ex ante heterogeneity into the Berentsen, Molico, and Wright monetary search model with lotteries. We show that their three main results regarding lotteries do not survive this...
The search-theoretic approach to monetary economics: a primer
Peter Rupert, Martin Schindler, Andrei Shevchenko, Randall Wright
The authors present simple versions of models used in the search-theoretic approach to monetary economics. They discuss results on the existence of monetary equilibria, the potential for multiple...
This article provides an equilibrium model of intermediation based on search theory. Intermediaries, like retailers, buy goods from producers and sell them to consumers. The number of intermediaries...
A simple search model of money with heterogeneous agents and partial acceptability
Andrei Shevchenko, Randall Wright
Simple search models have equilibria where some agents accept money and others do not. We argue such equilibria should not be taken seriously - which is unfortunate if one wants a model with partial...
Prices, Information and Learning
Andrei Shevchenko, Luis Araujo
We consider an economy where trade is decentralized and agents have incomplete information with respect to the value of money. Agents' learning evolves from private experiences and we explore how the...
Money and the Variety of Goods
Ken Burdett, Andrei Shevchenko
We analyze how the preference structure and the structure of production possibilities in the monetary economy can lead to a variety of distributions of special and standard goods produced in the...
A simple search model of money with heterogeneous agents and partial acceptability
Andrei Shevchenko, Randall Wright
Simple search models have equilibria where some agents accept money and others do not. We argue such equilibria should not be taken seriously. This is unfortunate if one wants a model with partial...