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settings, limited information and substitution effects. The demand intensities of single types of products are affected by the …
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address the potential beneficial impacts of improving the demand-side conditions of rivalry. This paper suggests that focus on … such demand-side elements can yield substantial benefits to consumers, especially by changing the elasticity of residual … demand faced by individual firms. Small changes in switching costs, search costs, or the number of "elastic" consumers can …
Persistent link: https://www.econbiz.de/10014068463
Crowd-sourced recommender platforms organize social learning about products by recommending items based on information collected from previous users. A crucial design question is the level of experimentation over the life cycle of a product. I study how market structure affects experimentation,...
Persistent link: https://www.econbiz.de/10012963639
We address the issue of risk aversion in a competitive equilibrium when some buyers engage in learning and information is conveyed through the price system. Specifically, since the learning process yields uncertainty, we study the effect of risk aversion on the equilibrium outcomes of the model,...
Persistent link: https://www.econbiz.de/10013028361
Two products of unknown qualities are simultaneously launched by two different firms in the market. An infinite population of consumers with heterogeneous preferences sequentially decide whether to purchase one of the two products or not to buy at all. Arriving consumers estimate the qualities...
Persistent link: https://www.econbiz.de/10012985791
Self-interested agents produce information in an attempt to convince a principal to act on their behalf. Agents provide less informative evidence than the principal prefers since doing so maximizes the probability the principal acts in their favor. If the principal faces constraints that limit...
Persistent link: https://www.econbiz.de/10013081078
Timing of market entry is one of the most important strategic decisions a firm must make, but its decision process becomes convoluted with information and payoff spillovers. The threat of competition pushes firms to enter earlier to preempt their rivals while the possibility of learning make...
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