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Excess Demand, Search, and Price Dynamics
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This article is published in The American Economic Review.The article was published on 1977-01-01 and is currently open access. It has received 6 citations till now. The article focuses on the topics: Mid price & Reservation price.read more
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The Normal State of the Market in a Shortage Economy: A Queue Model
János Kornai,Jörgen W. Weibull +1 more
TL;DR: In this article, a simple model for a single good, intended as an illustration of an analytical framework for studies of shortage phenomena, is presented. But the main concern is to describe a market which is away from Walrasian equilibrium, and nevertheless in a stationary state, permanently restoring its basic properties.
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Effective Demand in a Sequence of Markets
TL;DR: In this article, a consumer's effective demand is defined in a model where prices are fixed at nonclearing levels, where markets are visited sequentially, and where there is stochastic rationing.
Optimal Sequential Search and Optimal Consumption-Leisure Choice
TL;DR: In this article, a static model of consumption-leisure choice is presented, in which both the maximization of utility and the maximisation of precautionary savings for sequential purchases are constrained by the equality of the marginal costs of search to their marginal benefits.
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Consumption-leisure complementarity versus income elasticity of demand under equilibrium price dispersion
TL;DR: The trade-off between efficiency and pleasure of the after-purchase treatment of the purchased item was analyzed in this paper, where the tradeoff between consumption-leisure substitutability and complementarity was discussed.
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