Equilibrium price dispersion with consumer inventories

• 成果类型: Article
• 署名作者: Hong, P; McAfee, RP; Nayyar, A
• 署名单位: Konkuk University; University of Texas System; University of Texas Austin
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2890
• 发表日期: 2002
• 页码: 503-517
• 关键词: price dispersion; inventories; sales; consumer search; grocery stores

摘要

A model with two types of consumers, shoppers and captives, is constructed that leads to an equilibrium price dispersion. Shoppers may hold inventories of the good; the level of consumer inventories leads to state-dependent price dispersions. It is shown that prices and quantities display negative serial correlation. The model is tested using grocery store data, which display the predicted correlations. (C) 2001 Elsevier Science (USA).