Overhead Cost and Price Behavior: The Role of Market Intransparency, Search, and Price Randomization
研究企业在规模报酬递增且消费者信息不完全但可搜寻时如何定价，发现存在唯一随机化均衡，预期价格对人均需求变化呈逆周期反应，对顾客数量变化不变，与价格行为新证据吻合。
This paper investigates price setting when firms produce with increasing returns and customers are imperfectly informed about prices but can search. A unique randomization equilibrium exists where each customer is offered a random price by each firm known to him. If the number of firms is fixed, then the expected price to be paid by a customer responds countercyclically to variations of demand per customer and remains invariant with respect to variations of the number of customers. This price behavior corresponds well with new evidence on price behavior. Copyright 1996 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.