Indeterminacy and directed search

• 成果类型: Article
• 署名作者: Coles, MG; Eeckhout, J
• 署名单位: University of Pennsylvania; University of Essex
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/S0022-0531(03)00086-3
• 发表日期: 2003
• 页码: 265-276
• 关键词: Indeterminacy; directed search

摘要

The directed search approach assumes each seller posts a fixed price and, ex post, randomly allocates the good should more than one buyer desire the good. This paper assumes sellers can post prices which are contingent on ex post realized demand; e.g. all advertisement might state the Bertrand price should there be more than one buyer, which corresponds to an auction outcome. Competition in fixed prices and ex post rationing describes equilibrium behavior. There is also real market indeterminacy: a continuum of equilibria exists which are not payoff equivalent. Sellers prefer the equilibrium in auctions. (C) 2003 Elsevier Science (USA). All rights reserved.