Experimentation and competition
成果类型：
Article
署名作者：
Fishman, A; Rob, R
署名单位：
University of Haifa; University of Pennsylvania
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2365
发表日期：
1998
页码：
299-320
关键词：
摘要：
This paper examines the effect of competition on firms' efforts to experiment and learn about market demand. Consumers are assumed to know prices only at sellers they have actually visited, but must bear search costs to Find the prices of other sellers. Under these conditions we show that firms' incentives to experiment are diluted by comparison with the monopoly case and that this effect is stronger the smaller the search cost. The learning environment we portray gives rise to several time paths which have been empirically documented, including penetration pricing, cream-skimming, and cyclical pricing. (C) 1998 Academic Press.
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