Search with learning: understanding asymmetric price adjustments
نویسندگان
چکیده
منابع مشابه
Search with learning: understanding asymmetric price adjustments
In many retail markets, prices rise faster than they fall. We develop a model of search with learning to explain this phenomenon of asymmetric price adjustments. By extending our static game analysis to the dynamic setting, we demonstrate that asymmetric price adjustments arise naturally. When a positive cost shock occurs, all the searchers immediately learn the true state; the search intensity...
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ژورنال
عنوان ژورنال: The RAND Journal of Economics
سال: 2008
ISSN: 0741-6261,1756-2171
DOI: 10.1111/j.0741-6261.2008.00027.x