Wealth as a Signal in the Search Model of Money
Wealth as a Signal in the Search Model of Money
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DOI：
10.1111/j.1468-2354.2006.00373.x
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发表时间：
2006-01
期刊：
影响因子：
--
通讯作者：
Tsunao Okumura
中科院分区：
文献类型：
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作者：
Tsunao Okumura
本文研究了对于无法直接观察产品质量的代理商来说，财富（持有的货币）作为生产高质量产品能力的信号的可能性。生产商的财富可能会宣传过去在向了解生产商能力的代理商销售产品方面取得的成功，从而表明其能力。这一分析表明，这种信号效应可能会在均衡时出现，并可能导致财富分配更加不平等和福利水平降低。
This article investigates the possibility that wealth (holdings of money) serves as a signal of the ability to produce high-quality products for agents who cannot directly observe the quality of the products. A producer's wealth may advertise past success in selling products to agents who knew the producer's ability and thus signal its ability. This analysis shows that such signaling effects may arise in equilibrium and may lead to more unequal distributions of wealth and lower welfare than would otherwise arise.