AN EQUILIBRIUM SEARCH MODEL OF SYNCHRONIZED SALES*
在一个简单的随机搜索模型中，证明了存在自我生成周期的非平稳均衡，解释了异质性消费者如何导致所有卖家周期性同步降价销售。
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.