Search and Competition Under Product Quality Uncertainty*
综述了产品质量不确定且企业间存在差异时，消费者搜索与竞争的模型，提出了一个统一框架，并讨论了在线广告、市场进入的福利效应以及质量可观测性等议题。
Abstract I review models of consumer search and competition when product quality is uncertain and differs across firms. Although firms are vertically—and possibly also horizontally—differentiated, an appropriate symmetric price equilibrium with optimal consumer search can be neatly characterized. I propose a “random‐quality” framework that unifies these models and discuss their insights on the operation of consumer search markets, focusing on (i) online advertising and search through platforms, (ii) the welfare effects of entry in search markets, and (iii) the role of quality observability under search frictions. I suggest directions for further research on these and related topics.