Informative Advertising Competition
研究了在成本信息不对称的Hotelling双寡头市场中，信息性价格广告如何影响企业利润和社会福利，发现广告在成本足够低时必然出现，且成本分布越不均衡，广告潜力越大。
This paper investigates informative price advertising in an established‐product Hotelling duopoly where firms compete for shares of a fixed market. Prices are uncertain because firms’ costs are private information. For a sufficiently low cost of advertising, advertising necessarily arises in equilibrium. Also, the less balanced the initial distributions over costs, the greater the potential for informative advertising. Moreover, whenever firms use informative advertising, it increases the firms’ expected profits, and social welfare, relative to the outcome without advertising.