Search with learning: understanding asymmetric price adjustments
构建了一个带学习机制的搜索模型，解释零售市场中价格上涨快于下跌的现象，并分析正负成本冲击下搜索强度与价格调整速度的差异。
In many retail markets, prices rise faster than they fall. We develop a model of search with learning to explain this phenomenon of asymmetric price adjustments. By extending our static game analysis to the dynamic setting, we demonstrate that asymmetric price adjustments arise naturally. When a positive cost shock occurs, all the searchers immediately learn the true state; the search intensity, and hence the prices, fully adjust in the next period. When a negative cost shock occurs, it takes longer for nonsearchers to learn the true state, and the search intensity increases gradually, leading to slow falling of prices.