Market Diffusion with Two-Sided Learning
分析双寡头市场中，买卖双方通过实验学习新产品价值时的扩散过程，揭示均衡定价与市场份额动态，发现早期过度销售、后期销售不足及S形扩散路径。
We analyze the diffusion of a new product of uncertain value in a duopolistic market. Both sides of the market, buyers and sellers, learn the true value of the new product from experiments with it. Buyers have heterogeneous preferences over the products and sellers compete in prices. The pricing policies and market shares in the unique Markov-perfect equilibrium are obtained explicitly. The dynamics of the equilibrium market shares display excessive sales of the new product relative to the social optimum in early stages and too-low sales later on. The diffusion path of a successful product is S-shaped.