Author: Ashish Nayyar
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 156

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Author: Steven C. Salop
Publisher:
ISBN:
Category : Consumers
Languages : en
Pages : 46

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Author: Guido Menzio
Publisher:
ISBN:
Category : Economics
Languages : en
Pages :

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The paper studies equilibrium pricing in a product market for an indivisible good where buyers search for sellers. Buyers search sequentially for sellers, but do not meet every seller with the same probability. Specifically, a fraction of the buyers' meetings lead to one particular large seller, while the remaining meetings lead to one of a continuum of small sellers. In this environment, the small sellers would like to set a price that makes the buyers indifferent between purchasing the good and searching for another seller. The large seller would like to price the small sellers out of the market by posting a price that is low enough to induce buyers not to purchase from the small sellers. These incentives give rise to a game of cat and mouse, whose only equilibrium involves mixed strategies for both the large and the small sellers. The fact that the small sellers play mixed strategies implies that there is price dispersion. The fact that the large seller plays mixed strategies implies that prices and allocations vary over time. We show that the fraction of the gains from trade accruing to the buyers is positive and non-monotonic in the degree of market power of the large seller. As long as the large seller has some positive but incomplete market power, the fraction of the gains from trade accruing to the buyers depends in a natural way on the extent of search frictions.

Author: Kazuya Kamiya
Publisher:
ISBN:
Category :
Languages : en
Pages : 23

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Author: Lokanathan V.
Publisher: S. Chand Publishing
ISBN: 9352533372
Category : History
Languages : en
Pages : 392

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This book provides a comprehensive coverage of the origin and development of economic thought from the ancient times to the present day. It documents the contributions of major thinkers from the time of Hebrews to Maurice Dobb, and the perspectives that influenced the economic thought. The book also provides an account of the recent trends in Indian economic thought and will be of interest and relevance to all students and scholars of the subject. It covers the syllabus of economic thought of major Indian universities.

Author: Theresa Christine Van Hoomissen
Publisher:
ISBN:
Category :
Languages : en
Pages : 296

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Author: Kenneth Burdett
Publisher:
ISBN:
Category : Consumer goods
Languages : en
Pages : 29

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Author: James D. Dana
Publisher:
ISBN:
Category : Competition
Languages : en
Pages : 40

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Author: Kirke B. Lawton
Publisher:
ISBN:
Category :
Languages : en
Pages : 146

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Author: Trond E. Olsen
Publisher:
ISBN:
Category :
Languages : en
Pages : 18

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