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DTSTART:20221026T030000Z
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SUMMARY:Macroeconomics and Trade seminar series | The asymptotic effect of search frictions on extreme value outcomes by Sephorah Mangin
DESCRIPTION: \n Invites you to a \nMacroeconomics and Trade seminar presented by\n\nSephorah Mangin\n(Australian National University)\nThe asymptotic effect of search frictions on extreme value outcomes\nCo-author:\nLouis Becker (Australian National University)\nWednesday 26 October\n2.00pm – 3.30pm\nVia Zoom: Meeting Link ( https://uni-sydney.zoom.us/j/82667273573?pwd=Yy8zOWV4emlhSTRYSzBUME4vSjJVQT09 )\nAbstract: Extreme value processes involving maxima are widespread in economics. We provide a general result regarding the asymptotic effect of search frictions on the outcomes of such processes. To do this, we allow the number of draws from the underlying distribution (e.g. of output, productivity, or utility shocks) to be given by a discrete probability distribution called the search technology. Surprisingly, we find that search frictions can affect extreme value outcomes even in the limit as the expected number of draws becomes large. For the class of search technologies we consider, we show that extreme value outcomes depend not only on the tail index of the underlying distribution but also on the asymptotic dispersion of the search technology itself. For example, if the underlying distribution is Pareto, the expected value of the maximum behaves asymptotically like the expected value of the Frechet distribution scaled by a term capturing the effect of search frictions. We show that this scaling factor equals one, and there is no asymptotic effect of search frictions, only if there is zero asymptotic dispersion. This is true only if the search technology is Poisson-like or deterministic. We consider some applications of our general result, such as the behavior of markups.\nFor further information contact: Macroeconomics and Trade seminar series coordinator Dr James Graham (james.a.graham@sydney.edu.au ( mailto:james.a.graham@sydney.edu.au ))\nFor all upcoming seminars in School of Economics see Our events ( https://economics-events.sydney.edu.au/ ) and Calendar ( https://economics-events.sydney.edu.au/calendar/ )\n
URL:https://economics-events.sydney.edu.au/calendar/macroeconomics-and-trade-seminar-series-the-asymptotic-effect-of-search-frictions-on-extreme-value-outcomes/
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