Learning in an Equilibrium Search Model
研究不对称信息下均衡搜索模型中的学习作用，发现当不知情消费者搜索成本足够大时存在保留价格均衡，价格离散程度与边际成本负相关，平均价格对成本变化的反应弱于成本可观察时，且边际成本不确定性会提高预期价格水平。
This paper explores the role of learning in an equilibrium search model with asymmetric information. Firms with identical but privately observed marginal cost sell a homogeneous good to heterogeneously informed consumers. A reservation-price equilibrium exists if the uninformed consumers' search cost is sufficiently large. In this equilibrium, the amount of price dispersion is inversely related to the realization of marginal cost. Also, the average price level is less responsive to cost changes than when cost is observable. Finally, uncertainty about firms' marginal cost increases the expected price level. Copyright 1994 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.