Advertising in Competitive Markets
研究小企业在自由进入条件下销售同质商品，消费者仅通过广告获取价格信息，发现均衡时每个企业的广告投入低于社会最优水平，且该结论在单一媒体广告时稳健。
In this paper, small firms sell a homogeneous good to small consumers under conditions of free entry, but consumers receive price information only through firms' advertising. In equilibrium, every firm on the continuous price distribution buys less advertising than is socially optimal. The result is robust if firms advertise in just one medium. If readers of different advertising media are positively correlated, excess advertising can occur in media used exclusively to advertise discount prices. Copyright 1991 by American Economic Association.