ノーベル経済学賞2010の解説
http://www.voxeu.org/index.php?q=node/5676
＜The 2010 Nobel Prize in Economics has been awarded to Peter Diamond, Dale Mortensen, and Christopher Pissarides "for their analysis of markets with search frictions". Search theory provides a versatile framework for understanding market outcomes in a variety of situations in which trade is complex. One key lesson is that, with search frictions, markets fail to clear at all points in time – some buyers and/or sellers remain unmatched. Another important implication is that, when access to information is costly and trade opportunities are infrequent, not all traders may trade at the same market price, leading to dispersion in equilibrium prices. Finally, decentralised equilibrium may be inefficient in a search market, if individuals engage in “too much” or “too little” search, and in this case policy intervention may improve on what markets alone would be able to achieve.＞
＜The 2010 Nobel Prize in Economics has been awarded to Peter Diamond, Dale Mortensen, and Christopher Pissarides "for their analysis of markets with search frictions". Search theory provides a versatile framework for understanding market outcomes in a variety of situations in which trade is complex. One key lesson is that, with search frictions, markets fail to clear at all points in time – some buyers and/or sellers remain unmatched. Another important implication is that, when access to information is costly and trade opportunities are infrequent, not all traders may trade at the same market price, leading to dispersion in equilibrium prices. Finally, decentralised equilibrium may be inefficient in a search market, if individuals engage in “too much” or “too little” search, and in this case policy intervention may improve on what markets alone would be able to achieve.＞
