G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15967
DP15967 Consumer Search and the Uncertainty Effect
Heiko Karle; Heiner Schumacher; Rune Volund
发表日期2021-03-26
出版年2021
语种英语
摘要We consider a model of Bertrand competition where consumers are uncertain about the qualities and prices of firms' products. Consumers can inspect all products at zero cost. A share of consumers is expectation-based loss averse. For these consumers, a purchase plan, which involves buying products of varying quality and price with positive probability, creates scale-dependent disutility from gain-loss sensations. Even if their degree of loss aversion is modest, they may refrain from inspecting all products and choose an individual default that is first-order stochastically dominated. Firms' strategic behavior can exacerbate the scope for this "uncertainty effect", and sellers of inferior products may earn positive profits despite Bertrand competition. We find suggestive evidence for the predicted association between consumer behavior and loss aversion in new survey data.
主题Industrial Organization
关键词Consumer search Competition Loss aversion
URLhttps://cepr.org/publications/dp15967
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544957
推荐引用方式
GB/T 7714
Heiko Karle,Heiner Schumacher,Rune Volund. DP15967 Consumer Search and the Uncertainty Effect. 2021.
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