Miracle on Sixth Avenue: Information Externalities and Search
نویسندگان
چکیده
After a long dormant period, Lower Sixth Avenue in New York has undergone a rapid revitalisation. We show that a simple search theoretic model with information spillovers can explain both the period of underuse and the rapid turnaround. The model reduces to a simple equation, which allows us to do comparative statics on the duration of vacancies. We show how the solution reacts to changes in market structure and changes in search technology. The model is suggestive of dif®culties that may occur in many markets in which there are changes over time in the optimal use of resources.
منابع مشابه
Information And Communication Technology Externalities And Economic Growth In Newly Industrialized Countries
متن کامل
Analysis of Electricity Generation’s Externalities on Sectorial Output Growth and Welfare in Iran
Environmental problems are one of the most challenging issues for the entire world and each country. In economic studies, environmental issues are analyzed as negative externalities. In this article, the negative externalities of electricity production on the output growth of different sectors and household’s welfare in Iran’s economy have been studied through price system using Computable Gene...
متن کاملAre Miracles Violations of the Laws of Nature?
Classical theism holds that God rules the world not only indirectly, by the natural laws established with creation, but through actions or direct interventions that interfere with natural processes and human actions. These direct interventions are usually called miracles. Modern Western philosophy, at least starting from Spinoza and Hume, has defined miracles as “violations of the laws of natur...
متن کاملInformation Externalities and Intermediaries in Frictional Search Markets Information Externalities and Intermediaries in Frictional Search Markets *
In frictional matching markets with heterogeneous buyers and sellers, sellers incur discrete showing costs to show goods to buyers who incur discrete inspection costs to assess the suitability of the goods on offer. This paper studies how brokers can help reduce these costs by managing the level and mix of goods in their inventory. We find that intermediaries emerge and improve social welfare w...
متن کاملMIRACLE's Approach to Multilingual Web Retrieval
For MIRACLE participation on WebClef 2005, a set of independent indexes was constructed for each top level domain of the EuroGOV collection. Each of these indexes contains information extracted from the document, like URL, title, keywords, detected named entities or HTML headers. These indexes are queried to obtain partial document rankings, which are combined with various relative weights to t...
متن کامل