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Discussion Paper Details

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Title: Marketplaces and Matching

Author(s): Melvyn G Coles and Eric Smith

Publication Date: October 1994

Keyword(s): Marketplaces, Matching and Unemployment Hazards

Programme Area(s): Human Resources

Abstract: This paper models equilibrium trading patterns when marketplaces exist and goods are differentiated. When first visiting the market, a buyer samples a stock of goods. If fortunate, the buyer matches with and purchases one of these goods and then exits the market. If an initial match does not exist, the buyer can now only match with the flow of new goods for sale. The previous stock has been sampled and rejected. In a steady state, the current stock of unmatched traders on one side of the market is trying to match with the flow of new traders on the other side. It is shown that this market behaviour describes matching patterns between unemployed job seekers and vacancies in UK Job Centres.

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Bibliographic Reference

Coles, M and Smith, E. 1994. 'Marketplaces and Matching'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=1048