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Do Consumers Search for the Highest Price? Equilibrium and Monopolistic Optimum in Differentiated Products Markets

Schulz, Norbert; Stahl, Konrad - C.E.P.R. Discussion Papers - 1995

We develop a model of search among substitutes for the best combination of commodity variant and price, in which the structure of search costs can be manipulated by the suppliers of these variants, e.g. by joining an existing market or opening a new one. We analyse the subgame perfect equilibria...

Persistent link: https://www.econbiz.de/10005136540

Global versus Local Competition

Legros, Patrick; Stahl, Konrad - C.E.P.R. Discussion Papers - 2002

We analyse the impact of increased outside opportunities brought to consumers by access to a global market on local market performance under monopoly versus oligopoly. If consumers have to choose once where to shop we show that under all forms of organizing the local market, increased...

Persistent link: https://www.econbiz.de/10005498025

Informational Overshooting, Booms and Crashes

Zeira, Joseph - C.E.P.R. Discussion Papers - 1993

This paper offers an informational explanation for asset price booms and crashes. If market fundamentals change, but the length of this process of change is unknown, market participants try to learn about it by observing market outcomes. This learning generates a boom and a crash, which we call...

Persistent link: https://www.econbiz.de/10005504406

Learning and the Great Moderation

Bullard, James B.; Singh, Aarti - C.E.P.R. Discussion Papers - 2009

We study a stylized theory of the volatility reduction in the U.S. after 1984 - the Great Moderation - which attributes part of the stabilization to less volatile shocks and another part to more difficult inference on the part of Bayesian households attempting to learn the latent state of the...

Persistent link: https://www.econbiz.de/10005048557

Information Revelation and Efficiency in Auctions

Mikusheva, Anna; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2002

We study the impact of information revelation on efficiency in auctions. In a constrained-efficient mechanism, i.e. a … mechanism that is efficient subject to the incentive-compatibility constraint, any additional information available to bidders …-price sealed-bid auction, revelation of information might lead to efficiency losses. …

Persistent link: https://www.econbiz.de/10005067415

Digital Goods and the New Economy

Quah, Danny - C.E.P.R. Discussion Papers - 2003

Digital goods are bit strings, sequences of 0s and 1s, that have economic value. They are distinguished from other goods by five characteristics: digital goods are non-rival, infinitely expansible, discrete, aspatial, and recombinant. The New Economy is one where the economics of digital goods...

Persistent link: https://www.econbiz.de/10005067419

Financial Systems in Transition: Is there a Case for a Bank Based System?

Grosfeld, Irena - C.E.P.R. Discussion Papers - 1994

information generation about investment opportunities, and to ensuring substantial external evaluation of companies' potential … to become not only privileged creditors, but also shareholders of firms, the information needed for efficient …

Persistent link: https://www.econbiz.de/10005067573

Citizen Candidacy with Asymmetric Information

Casamatta, Georges; Sand-Zantman, Wilfried - C.E.P.R. Discussion Papers - 2003

-Coate (1997)) to an asymmetric information setting, in which the type of a given individual is assumed to be private information … for a number of (potential) candidates at most equal to three. This is in sharp contrast with the complete information …

Persistent link: https://www.econbiz.de/10005114186

Overcoming Informational Barriers to International Resource Allocation: Prices and Group Ties

Casella, Alessandra; Rauch, James E - C.E.P.R. Discussion Papers - 1998

Incomplete information in the international market creates difficulty in matching agents with productive opportunities … not be eliminated and domestic resource supplies may have excessive influence on domestic resource prices. Information … at the same time they may hurt those excluded from the preferential information channels. When ties are denser between …

Persistent link: https://www.econbiz.de/10005656309

Market Size, the Informational Content of Stock Prices and Risk: A Multiasset Model and some Evidence

Pagano, Marco - C.E.P.R. Discussion Papers - 1986

Market thinness can be an important determinant of the riskiness of stock returns, because it reduces the reliability of stock prices as predictors of future dividends. This paper analyses the relationship between market size and risk as the outcome of rational expectations equilibrium in a...

Persistent link: https://www.econbiz.de/10005661719