' behavior and firms' incentives to upgrade product quality in markets where information is traditionally limited. I first build … a model of consumer search with firms' endogenous quality decisions. In this model, lower search costs reallocate demand … toward higher-quality producers, raising firms' incentives to upgrade quality, and more so for firms selling ex-ante lower-quality …

' behavior and firms' incentives to upgrade product quality in markets where information is traditionally limited. I first build … a model of consumer search with firms' endogenous quality decisions. In this model, lower search costs reallocate demand … toward higher-quality producers, raising firms' incentives to upgrade quality, and more so for firms selling ex-ante lower-quality …

informed to uninformed firms, moderates asymmetric incentives in information acquisition and renders the aggregate learning … outcome approximately acyclical. Our results challenge the prevailing view of procyclical learning as the source of asymmetric …

upstream monopolist to limit output to monopoly levels, whereas a disintegrated structure will ‘over-sell’, producing more in … is, supply less than their monopoly output. Low-cost firms continue to over-sell, so all types of firms have a reason to …

We investigate a two-period Bertrand market in which one seller introduces a new product of uncertain quality. The new … product competes with an alternative good of known quality. Ex ante neither sellers nor consumers know the value of the new …

We investigate a two-period Bertrand market in which one seller introduces a new product of uncertain quality. The new … product competes with an alternative good of known quality. Ex ante neither sellers nor consumers know the value of the new …

Who does, and who should initiate costly certification by a third party under asymmetric quality information, the buyer …

information regarding the quality of an asset impairs its liquidity and reduces both trading volume and consumption. As a …

(2010). My model allows for an analysis of the effects of firm learning on labor market efficiency in the presence of search … frictions. I find that firm learning increases relative expected earnings in high-ability jobs and, thereby, enhances imitation … priori. Numerical results show that firm learning does not increase labor market efficiency. …

Uncertainty about product quality is endemic in international trade. We develop a dynamic, two country model where home … producers differ in terms of the quality of the products they sell. This quality is imperfectly observed by foreign consumers … intermediaries in alleviating quality uncertainty. An intermediation technology involving higher marginal cost but lower fixed cost …