Can price dispersion be supported solely by information frictions?

IF 0.4 Q4 ECONOMICS

Economic Theory Bulletin Pub Date : 2019-10-04 DOI:10.2139/ssrn.2528234

José Tudón

引用次数: 2

Abstract

Even with identical consumers and identical firms, if firms set prices in a first stage, and if consumers search sequentially in a second stage, price dispersion arises in the form of a mixed-strategy Nash equilibrium. One only needs to assume consumers know the realized price distribution and that they do not know which firm has what price. In contrast to Burdett and Judd ( 1983 ), price quotes are not required to be “noisy.” Moreover, actual search is predicted to be nontrivial.

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信息摩擦是否可以单独支持价格分散？

即使对于相同的消费者和相同的企业，如果企业在第一阶段确定价格，如果消费者在第二阶段依次搜索，价格分散也会以混合策略纳什均衡的形式出现。我们只需要假设消费者知道已实现的价格分布，并且他们不知道哪家公司的价格是什么。与Burdett和Judd(1983)相反，价格报价不需要“嘈杂”。此外，预测实际搜索是非平凡的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Economic Theory Bulletin ECONOMICS-

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期刊介绍： The purpose of Economic Theory Bulletin is to provide an outlet for research in all areas of Economics based on rigorous theoretical reasoning. The Economic Theory Bulletin together with Economic Theory are the official journals of the Society for the Advancement of Economic Theory. The Economic Theory Bulletin is intended to publish: 1. Short papers/notes of substantial interest. Content is subject to the same standards as Economic Theory: research in all areas of economics based on rigorous theoretical reasoning and on topics in mathematics that are supported by the analysis of economic problems. Published articles contribute to the understanding and solution of substantive economic problems. Theory papers with the substance and style for other journals that specialize in short papers are welcomed. Corollaries of already known results in the literature are not appropriate for publication. 2. Survey papers that clearly picture the basic ideas at work in the area, the essential technical apparatus that is used and the central questions that remain open.