Equilibrium price and advertisement distributions
研究了多个卖家向多个买家销售同质商品时，通过付费广告传递价格信息，发现均衡中卖家采用混合定价策略，导致价格和广告呈分布状态，且高价商品广告更多。
We consider an economy where many sellers sell identical goods to many buyers. Each seller has a unit supply and each buyer has a unit demand. The only possible information flow about prices is through costly advertising. We show that in equilibrium the sellers use mixed strategies in pricing which leads to price and advertisement distributions. With convex advertising costs each seller sends only one advertisement in the market. We also delineate a class of advertising costs which ensures that sellers may send multiple advertisements in equilibrium. Higher prices are advertised more than lower prices.