AN EQUILIBRIUM SEARCH MODEL OF SYNCHRONIZED SALES*

• 成果类型: Article
• 署名作者: Albrecht, James; Postel-Vinay, Fabien; Vroman, Susan
• 署名单位: Georgetown University; IZA Institute Labor Economics; University of Bristol; Institut d'Etudes Politiques Paris (Sciences Po); Center for Economic & Policy Research (CEPR)
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12003
• 发表日期: 2013
• 页码: 473-493
• 关键词: behavior; cycles

摘要

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.