NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Benoit Julîen

School of Economics
University of New South Wales
Australia

E-Mail: benoit.julien@unsw.edu.au

NBER Working Papers and Publications

September 2017Directed Search: A Guided Tour
with Randall Wright, Philipp Kircher, Veronica Guerrieri: w23884
This essay surveys the literature on directed/competitive search, covering theory and applications in, e.g., labor, housing and monetary economics. These models share features with traditional search theory, yet differ in important ways. They share features with general equilibrium theory, but with explicit frictions. Equilibria are typically efficient, in part because markets price goods plus the time required to get them. The approach is tractable and arguably realistic. Results are presented for finite and large economies. Private information and sorting with heterogeneity are analyzed. Some evidence is discussed. While emphasizing issues and applications, we also provide several hard-to-find technical results.
 
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