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A theory of search with deadlines and uncertain recall
Akin, S. Nuray; Platt, Brennan - Department of Economics, School of Business - 2012
We analyze an equilibrium search model where buyers seek to purchase a good before a deadline and face uncertainty … deadline nor his quote history, and hence post prices that weigh the probability of sale versus the profit once sold. The model … deadline. In an early equilibrium, any equilibrium offer is accepted as soon as it is received. In a full equilibrium, higher …
Persistent link: https://www.econbiz.de/10010555533
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A theory of search with deadlines and uncertain recall
Akın, Ş. Nuray; Platt, Brennan C. - In: Economic theory : official journal of the Society for … 55 (2014) 1, pp. 101-133
Persistent link: https://www.econbiz.de/10010235876
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A theory of search with deadlines and uncertain recall
Akın, Ş.; Platt, Brennan - In: Economic Theory 55 (2014) 1, pp. 101-133
. Sellers cannot observe a potential buyer’s remaining time until deadline nor her quote history, and hence post prices that …
Persistent link: https://www.econbiz.de/10010993539
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Extreme Adverse Selection, Competitive Pricing, and Market Breakdown
Mailath, George J.; Nöldeke, Georg - 2006
Extreme adverse selection arises when private information has unbounded support, and market breakdown occurs when no trade is the only equilibrium outcome. We study extreme adverse selection via the limit behavior of a financial market as the support of private information converges to an...
Persistent link: https://www.econbiz.de/10011390606
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Pricing, Consumer Search and the Size of Internet Markets
Janssen, Maarten C.W.; Moraga, Jose Luis - 2000
Despite the mixed empirical evidence, many economists stillhold to the view that Internet will promote competition betweenfirms,thereby lowering prices and increasing economic welfare. This paperpresents a search model that provides a different view. We analyzethemarket for a homogeneous good...
Persistent link: https://www.econbiz.de/10010324437
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Two Firms is enough for Competition, but Three or More is better
Janssen, Maarten C.W.; Moraga, Jose Luis - 2001
We present an oligopoly model where a certain fraction of consumers engage in costly non-sequential search to discover prices. There are three distinct price dispersed equilibria characterized by low, moderate and high search intensity, respectively. We show that the effects of an increase in...
Persistent link: https://www.econbiz.de/10010324953
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On Mergers in Consumer Search Markets
Janssen, Maarten C.W.; Moraga-Gonzalez, Jose Luis - 2007
We study mergers in a market where N firms sell a homogeneous good and consumers search sequentially to discover prices. The main motivation for such an analysis is that mergers generally affect market prices and thereby, in a search environment, the search behavior of consumers. Endogenous...
Persistent link: https://www.econbiz.de/10010325231
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A Note on Costly Sequential Search and Oligopoly Pricing
Janssen, Maarten C.W.; Moraga-Gonzalez, Jose Luis; … - 2004
We modify the paper of Stahl (1989) [Stahl, D.O., 1989. Oligopolistic pricing with sequential consumer search. American Economic Review 79, 700–12] by relaxing the assumption that consumers obtain the first price quotation for free. When all price quotations are costly to obtain, the unique...
Persistent link: https://www.econbiz.de/10010325399
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Minimum Price Guarantees In a Consumer Search Model
Janssen, Maarten; Parakhonyak, Alexei - 2009
This paper is the first to examine the effect of minimum price guaranteesin a sequential search model. Minimum price guarantees are notadvertised and only known to consumers when they come to the shop.We show that in such an environment, minimum price guarantees increasethe value of buying the...
Persistent link: https://www.econbiz.de/10010325862
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Search Costs, Demand-Side Economies and the Incentives to merge under Bertrand Competition
Moraga-Gonzalez, Jose L.; Petrikaite, Vaiva - 2012
This paper studies the incentives to merge in a Bertrand competition model where firms sell differentiatedproducts and consumers search for satisfactory deals. In the pre-merger symmetricequilibrium, the probability that a firm is the next one to be visited by a consumer is equal acrossfirms not...
Persistent link: https://www.econbiz.de/10010326167