The Stability of Price Dispersion under Seller and Consumer Learning*
研究在卖方和消费者都进行学习的情况下，价格离散均衡是否稳定。发现仅考虑卖方学习时可能收敛到价格离散均衡，但引入消费者学习后，只有垄断定价是稳定均衡。
In many markets, it is possible to find rival sellers charging different prices for the same good. Earlier research has attempted to explain this phenomenon by demonstrating the existence of dispersed price equilibria when consumers must make use of costly search to discover prices. We ask whether such equilibria can be learned when sellers adjust prices adaptively in response to current market conditions. With consumer behavior fixed, convergence to a dispersed price equilibrium is possible in some cases. However, once consumer learning is introduced, the monopoly outcome first found by Diamond ( Journal of Economic Theory 3 (1971), 156–68) is the only stable equilibrium.