Persistent Price Dispersion in Online Markets
Persistent Price Dispersion in Online Markets
复制标题
在线市场的持续价格分散
DOI：
10.4337/9781845428891.00012
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发表时间：
2006
期刊：
影响因子：
--
通讯作者：
Patrick A. Scholten
中科院分区：
文献类型：
--
作者：
M. Baye;J. Morgan;Patrick A. Scholten
使用互联网上领先的消费电子产品价格比较网站之一的数据，我们提出的证据的持久性的价格分散的36个同质产品。这些产品的市场是“密集”的，平均每种产品有20多家公司销售。我们表明，价格不收敛到“一价定律”，即使在18个月的时间。这一发现对运费和库存差异的控制是稳健的。此外，我们表明，产品生命周期效应导致的变化，在竞争企业的数量和价格分散的范围与瓦里安（1980年）模型的理论预测一致。在我们数据集的最后五个月，竞争公司的平均数量从28家下降到10家。在同一时期，价格的平均幅度从75%下降到30%。在考虑了公司在成本、品牌、声誉、信任、产品可用性和运输成本等方面的异质性之后，同质产品价格的28%的变化仍然无法解释。这也符合瓦里安的模式。
Using data from one of the Internet’s leading price comparison sites for consumer electronics products, we present evidence for the persistence of price dispersion for 36 homogeneous products. The markets for these products are “thick” with an average of over 20 firms selling each product. We show that prices do not converge to the “law of one price” even after an 18 month period. This finding is robust to controls for differences in shipping charges and inventories. Further, we show that product life cycle effects lead to changes in the number of competing firms and the range of price dispersion consistent with the theoretical predictions of the Varian (1980) model. The average number of competing firms declines from about 28 to 10 during the final five months of our dataset. Over this same period, the average range in prices decreases from about 75 percent to 30 percent. After accounting for firm heterogeneities in costs, branding, reputation, trust, product availability and shipping costs, 28 percent of the variation in prices charged for homogeneous products remains unexplained. This is also consistent with the Varian model.