Bargaining vs. price competition in a market with quality uncertainty
Bargaining vs. price competition in a market with quality uncertainty
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质量不确定的市场中的讨价还价与价格竞争
DOI：
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发表时间：
1991
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通讯作者：
H. Bester
中科院分区：
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作者：
H. Bester
本文给出了买家不完全了解商品质量的市场中tóe均衡交易规则的内生决定。张贴的价格可能会诱使卖家选择一个次优的质量水平。相比之下，协商定价总是导致对质量的有效选择。然而，由于缺乏价格竞争，卖方可能会剥削客户。我们证明，这种权衡唯一地决定了市场参与者将采用的定价机制。我们指定了参数星座，在该星座下，EITóer公布定价或新定价是均衡的。
This paper presents an endogenous determination of tóe equilibrium trading rule in a market where buyers areimperfectly informed about the quality ofgoods. Posted pricing may induce the sellers to select a suboptimal quality level. In contrast, negotiated pricing always leads to an eflicient selection of quality. The lack of price competition, however, may allow the seller to exploit óis customer. We show tóat this trade-off uniquely determines the pricing mechanism that the market participants will adopt. We specify tbe parameter constellations under which eitóer posted pricing or negotíated pricing is an equilibrium.