I construct a search model to formalize the intuitive idea that sellers hold sales to attract buyers and build customer relationships. The market consists of a large number of buyers and sellers. All sellers sell a homogeneous good and all buyers have the same publicly known valuation of the...

We use a large dataset on retail pricing to document that a sizeable portion of the cross-sectional variation in the price at which the same good trades in the same period and in the same market is due to the fact that stores that are, on average, equally expensive set persistently different...

We use a large dataset on retail pricing to document that a sizeable portion of the cross-sectional variation in the price at which the same good trades in the same period and in the same market is due to the fact that stores that are, on average, equally expensive set persistently different...