PROMINENCE AND MARKET POWER: ASYMMETRIC OLIGOPOLY WITH SEQUENTIAL CONSUMER SEARCH
通过构建序贯消费者搜索下的寡头价格竞争模型，研究企业显著性如何影响市场势力，发现大企业定价更高，小企业可搭便车提高利润，赫芬达尔指数可用于福利评估。
Abstract This article presents a new perspective on the nature of market power through the lens of firm prominence. We build a model of oligopolistic price competition with sequential consumer search, showing that a larger firm sets a higher price than its smaller competitors. Consumers are more likely to encounter sellers from a larger firm both immediately and in future interactions, resulting in less‐elastic demand for that firm. Small firms can free‐ride on the prominent firm's market power to raise their prices and earn higher profits. The Herfindahl–Hirschman Index provides a useful guide for welfare evaluation.