Prices and heterogeneous search costs
We study price formation in a model of consumer search for differentiated products in which consumers have heterogeneous search costs. We provide conditions under which a pure-strategy symmetric Nash equilibrium exists and is unique. Search costs affect two margins—the intensive search margin (or se...
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| Published in: | The Rand journal of economics Vol. 48; no. 1; pp. 125 - 146 |
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| Main Authors: | , , |
| Format: | Journal Article |
| Language: | English |
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01-03-2017
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| Abstract | We study price formation in a model of consumer search for differentiated products in which consumers have heterogeneous search costs. We provide conditions under which a pure-strategy symmetric Nash equilibrium exists and is unique. Search costs affect two margins—the intensive search margin (or search intensity) and the extensive search margin (or the decision to search rather than to not search at all). These two margins affect the elasticity of demand in opposite directions and whether lower search costs result in higher or lower prices depends on the properties of the search cost density. |
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| AbstractList | We study price formation in a model of consumer search for differentiated products in which consumers have heterogeneous search costs. We provide conditions under which a pure-strategy symmetric Nash equilibrium exists and is unique. Search costs affect two margins -- the intensive search margin (or search intensity) and the extensive search margin (or the decision to search rather than to not search at all). These two margins affect the elasticity of demand in opposite directions and whether lower search costs result in higher or lower prices depends on the properties of the search cost density. We study price formation in a model of consumer search for differentiated products in which consumers have heterogeneous search costs. We provide conditions under which a pure-strategy symmetric Nash equilibrium exists and is unique. Search costs affect two margins -- the intensive search margin (or search intensity) and the extensive search margin (or the decision to search rather than to not search at all). These two margins affect the elasticity of demand in opposite directions and whether lower search costs result in higher or lower prices depends on the properties of the search cost density. Reprinted by permission of RAND Journal of Economics |
| Author | Wildenbeest, Matthijs R. Moraga-González, José Luis Sándor, Zsolt |
| Author_xml | – sequence: 1 givenname: José Luis surname: Moraga-González fullname: Moraga-González, José Luis – sequence: 2 givenname: Zsolt surname: Sándor fullname: Sándor, Zsolt – sequence: 3 givenname: Matthijs R. surname: Wildenbeest fullname: Wildenbeest, Matthijs R. |
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| Copyright | 2017 The RAND Corporation 2017, The RAND Corporation. Copyright Rand Corporation Spring 2017 |
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| Notes | Earlier versions of this article were circulated under the title “Do higher search costs make markets less competitive?” We would like to thank the Editor, Mark Armstrong, and two anonymous referees for their helpful comments. Simon Anderson, Guillermo Caruana, Alex de Cornière, Andrea Galeotti, Knut‐Eric Joslin, Silvana Krasteva, Theo Dijkstra, Dmitry Lubensky, Andras Niedermayer, Marielle Non, Vaiva Petrikaitė, Régis Renault, Mariano Tappata, Makoto Watanabe, and Jidong Zhou are also thanked for their useful remarks. Special thanks go to Paulo K. Monteiro for his comments, help, and useful references. The article has also benefited from presentations at Antwerpen, Bologna, Carlos III, CEMFI, Copenhagen, CPB, East Anglia, EUI, Mannheim, Oxford, PSE, Sauder Business School, the Fifth Workshop on Search and Switching Costs (Bloomington, IN), the IIOC 2014 (Chicago), the 2014 MaCCI Workshop on Consumer Search in Bad Homburg, the SaM 2015 Workshop at Bristol, the SED 2015 (Warsaw), the EARIE 2015 (Munich), and the 4th WIPE (University Rovira i Virgili). Financial support from the Marie Curie Excellence Grant MEXT‐CT‐2006‐042471, grant ECO2011‐29533 of the Spanish Ministry of Economy and Competitiveness, and grant PN‐II‐ID‐PCE‐2012‐4‐0066 of the Romanian Ministry of National Education, CNCS‐UEFISCDI, is gratefully acknowledged. Moraga‐González is also affiliated with the CEPR, the Tinbergen Institute, CESifo, and the Public‐Private Sector Research Center (IESE, Barcelona). ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 23 |
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| SubjectTerms | Behavioral decision theory Consumer behavior Consumer behaviour Consumer equilibrium Consumer prices Corporations Cost allocation Cost analysis Costs Economic costs Elasticity of demand Equilibrium prices Game theory Market prices Prices Product differentiation Studies |
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| Title | Prices and heterogeneous search costs |
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