《2016诺贝尔经济学奖》.pdf

11 OCTOBER 2010 Scientific Background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2010 MARKETS WITH SEARCH FRICTIONS compiled by the Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences THE ROYAL SWEDISH ACADEMY OF SCIENCES has as its aim to promote the sciences and strengthen their influence in society. BOX 50005 (LILLA FRESCATIVÄGEN 4 A), SE-104 05 STOCKHOLM, SWEDEN TEL +46 8 673 95 00, FAX +46 8 15 56 70, INFO@KVA.SE  HTTP ://KVA.SE MarketswithSearchFrictions 1 Introduction Mostreal-worldtransactionsinvolvevariousformsofimpedimentstotrade, or“frictions”.Buyersmayhavetrouble ndingthegoodstheyarelooking forandsellersmaynotbeableto ndbuyersforthegoodstheyhaveto offer. Thesefrictionscantakemanyformsandmayhavemanysources, includingworkerand rmheterogeneity,imperfectinformation,andcosts oftransportation. Howaremarketoutcomesin uencedbysuchfrictions? Thatis,howshouldweexpectpricestoformand–giventhatmarketswill notclearatallpointsintime–howarequantitiesdetermined? Dothese frictionsmotivategovernmentintervention? Thesequestionsareperhaps particularlypertinentinthelabormarketwherecostlyandtime-consuming transactionsarepervasiveandwherethequantitydeterminationmayresult inunemployment:someworkerswillnotndjobopeningsortheirapplica- tionswillbeturneddowninfavorofotherworkers. Thisyear’sPrizeisawardedforfundamentalcontributionstosearch andmatchingtheory.Thistheoryoffersaframeworkforstudyingfrictions inreal-worldtransactionsandhasledtonewinsightsintotheworkings ofmarkets. Thedevelopmentofequilibriummodelsfeaturingsearchand matchingstartedintheearly1970sandhassubsequentlydevelopedintoa verylargeliterature. ThePrizeisgrantedforthecloselyrelatedcontribu- tionsmadebyPeterDiamond,DaleMortensen,andChristopherPissarides.