tag:blogger.com,1999:blog-3471471289744825428.post4708735987566095630..comments2024-03-11T00:31:41.186-07:00Comments on The Oregon Economics Blog: The Economics NobelPatrick Emersonhttp://www.blogger.com/profile/17242234148546323374noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-3471471289744825428.post-43462983095727993322010-10-13T10:00:02.393-07:002010-10-13T10:00:02.393-07:00Yes, these are actually more general 'search&#...Yes, these are actually more general 'search' models. The application to labor markets are what the Nobel is honoring this year, but in general these models are incredibly useful in understanding lots of areas in which information is not full (as is necessary for our standard market models).<br /><br />For example applied to internet retail, one might expect that the cost of search is so reduced, prices will be pushed down to MC. But this also allows easy monitoring on the part of competitors and can therefore facilitate collusion.Patrick Emersonhttps://www.blogger.com/profile/17242234148546323374noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-80253348388127097192010-10-13T09:52:14.148-07:002010-10-13T09:52:14.148-07:00In reading the frictive model explanations, is thi...In reading the frictive model explanations, is this applicable to information transfer as well? i.e. Market friction exists between the public awareness of information and rational actors finding and making decisions based on it?Dann Cutterhttps://www.blogger.com/profile/08788286445033083370noreply@blogger.comtag:blogger.com,1999:blog-3471471289744825428.post-54050127320764756832010-10-11T16:41:01.810-07:002010-10-11T16:41:01.810-07:00It is also worth noting that President Obama nomin...It is also worth noting that President Obama nominated Mr. Diamond (one of the three Nobel winners) to the board of governors of the Federal Reserve, where his former student, Mr. Bernanke, has been chairman since 2006.<br /><br />But under an arcane procedural rule, the Senate sent Mr. Diamond’s nomination back to the White House on Thursday night before starting its summer recess. A leading Republican senator, Richard Shelby of Alabama, said that Mr. Diamond did not have sufficiently broad macroeconomic experience to help run the central bank.Unknownhttps://www.blogger.com/profile/13572248202760821411noreply@blogger.com