. Empirical evidence and behavioral research suggest that consumers may perceive a firm's price as unfair when its profit margin …'s monetary payoff (economic surplus) because the firm may reduce its quality to a greater extent than it reduces its price …

We study price formation in the standard model of consumer search for differentiated products but allow for search cost … important but often neglected aspect of the price mechanism. Recognizing the role the equilibrium price plays in consumers …

We study price formation in the standard model of consumer search for differentiated products but allow for search cost … important but often neglected aspect of the price mechanism. Recognizing the role the equilibrium price plays in consumers …