| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16724 |
| DP16724 Search Direction: Position Externalities and Position Auction Bias | |
| Simon Anderson; Regis Renault | |
| 发表日期 | 2021-11-15 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We formulate a tractable model of pricing under directed search with heterogeneous firm demands. Demand height and width drive bids in a position auction and enable us to bridge insights from the ordered search literature to those in the position auction literature. Equilibrium pricing implies that the marginal consumer’s surplus decreases down the search order, so consumers optimally follow the firms’ position ordering. A firm suffers from ”business stealing” by firms that precede it and ”search appeal” from subsequent firms. We find rankings that achieve the maximal joint profit, social welfare, or consumer surplus by constructing firm-specific scores. A generalized second price auction for positions endogenizes equilibrium orders and bids are driven by position externalities that impact incremental profit from switching positions. The joint profit maximization order is upheld when firm heterogeneity concerns mostly demand height. But the consumer welfare order is robust when firms differ mostly over demand width. |
| 主题 | Industrial Organization ; Organizational Economics |
| 关键词 | Ordered search Product heterogeneity Position externalities Optimal and equilibrium rankings Generalized second price auction Position auction |
| URL | https://cepr.org/publications/dp16724 |
| 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/545660 |
| 推荐引用方式 GB/T 7714 | Simon Anderson,Regis Renault. DP16724 Search Direction: Position Externalities and Position Auction Bias. 2021. |
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