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In many (online) markets, consumers can readily observe prices, but need to examine individual products at positive cost in order to assess how well they match their needs. We propose a tractable model of price-directed sequential search in a market where firms compete in prices. Each product...
Persistent link: https://www.econbiz.de/10012241989
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In a duopoly market, aspiration levels express how much sellers want to earn given their expectations about the other's behavior. We augment the sellers' decision task by eliciting their profit aspiration. In a first experimental phase, whenever satisficing is not possible, sales choices, point...
Persistent link: https://www.econbiz.de/10009734685
How should firms optimally choose prices and promotional strategies and how should they position their products when consumers are "relative thinkers"? We provide answers in a model that extends the seminal contributions of Varian (1980) and Narasimhan (1988) and derive both managerial...
Persistent link: https://www.econbiz.de/10012241980
Especially in many online markets, consumers can readily observe prices, but may need to further inspect products to assess their suitability. We study the effects of product differentiation and search costs on competition and market outcomes in a tractable model of price-directed consumer...
Persistent link: https://www.econbiz.de/10013373118
Persistent link: https://www.econbiz.de/10009544507
reducing efforts. In our experiment we control the channels of communication by letting subjects communicate through an …. -- tournament ; team decision making ; communication ; collusion ; freeriding ;experiment …We study the effects of communication in an experimental tournament between teams. When teams, rather than individuals …
Persistent link: https://www.econbiz.de/10009731147
; communication ; experiment …
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We analyze mechanism choices of competing sellers with private valuations and show the existence of monotone pure strategy equilibria where sellers with higher reservation value choose mechanisms with a lower selling probability and a larger revenue in case of trade. As an application we...
Persistent link: https://www.econbiz.de/10010428738