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Jeudi 9 Février 2012

Bruno DECREUSE (GREQAM et Université d'Aix-Marseille) présentera une communication :

"Matching with Phantoms"

de 11 h à 13 h en Salle S016 à l'INSEE-CREST, 15 Boulevard Gabriel Péri, 92245 MALAKOFF (Métro : Malakoff/Plateau de Vanves (Immeuble "Malakoff 2)).

Searching for partners involves informational persistence that reduces future traders’ matching probability. In this paper, traders that are no longer available but who left tracks on the market are called phantoms. I examine a discrete-time matching market in which phantom traders are a by-product of search activity, no coordination frictions are assumed, and non-phantom traders may lose time trying to match with phantom traders. The resulting aggregate matching technology features increasing returns to scale in the short run, but has constant returns to scale in the long run. I apply this technology to US unemployed and vacancy data and argue that it can predict the monthly job-finding probability as well as a Cobb-Douglas function does. I also discuss the case of on-the-job search.