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Equilibrium Price Dispersion with Online Search

机译:在线搜索均衡价格分散

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This paper studies how consumers' online search behavior may trigger pervasive and persistent online price dispersion. We set up a game-theoretic model to examine the oligopolistic price competition, given the two unique features of online search, namely, the existence of a common search ordering and shoppers who have non-positive search cost. We show that in absence of further heterogeneity, the unique online search behaviors alone can drive significant level of price dispersion. Specifically, we derive two-dimensional price dispersion, with both temporal fluctuation and spatial variation. We show that equilibrium price expectation monotonically decreases in line with consumers' search ordering. We also uncover a unique format of equilibrium pricing with stair-like sequence of price supports and localized price competition.
机译:本文研究了消费者的在线搜索行为如何触发普遍性和持久的在线价格分散。我们建立了一个游戏理论模型来检查寡头垄断价格竞争,鉴于在线搜索的两个独特功能,即,存在具有非正面搜索成本的常见搜索订单和购物者。我们表明,在没有进一步的异质性的情况下,单独的独特的在线搜索行为可以推动显着的价格分散水平。具体而言,我们推出了二维价格分散,具有时间波动和空间变化。我们表明均衡价格预期符合消费者搜索订购的单调逐步减少。我们还揭示了独特的均衡定价格式,楼梯式价格支持和本地化价格竞争。

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