An Equilibrium Search Model of Synchronized Sales
Résumé
We demonstrate the existence of periodic nonstationary equilibria with self-generating cycles in a simple model of random search. Our results provide a theory of synchronized sales based on product market search by heterogeneous consumers. That is, our model explains how it can be optimal for all sellers to follow a repeated pattern of posting a high price for several periods and then posting a low price for one period.
Domaines
Economies et finances
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2013-albrecht-et-al-an-equilibrium-search-model-of-synchronized-sales-v-auteur.pdf (942.25 Ko)
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