Equilibrium Price Dispersion Export

@article{burdett-judd-83, abstract = {It is shown that wquilibria with dispersed prices exist in environments with identical and rational agents on both sides of the market. In particular, the original Stigler model of nonsequential search often has many equilibria, some with price dispersion. Also, price dispersion holds in equilibrium in general if search is \"noisy,\" i.e., there is some chance of learning two or more prices when an agent is looking for one price.}, author = {Burdett, Kenneth and Judd, Kenneth L.}, citeulike-article-id = {2212354}, citeulike-linkout-0 = {http://www.jstor.org/stable/1912045}, journal = {Econometrica}, keywords = {414-1, search}, number = {4}, pages = {955--969}, posted-at = {2008-01-09 23:02:50}, priority = {2}, title = {Equilibrium Price Dispersion}, url = {http://www.jstor.org/stable/1912045}, volume = {51}, year = {1983} }

TY - JOUR ID - burdett-judd-83 L3 - citeulike-article-id:2212354 N2 - It is shown that wquilibria with dispersed prices exist in environments with identical and rational agents on both sides of the market. In particular, the original Stigler model of nonsequential search often has many equilibria, some with price dispersion. Also, price dispersion holds in equilibrium in general if search is "noisy," i.e., there is some chance of learning two or more prices when an agent is looking for one price. IS - 4 JF - Econometrica EP - 969 TI - Equilibrium Price Dispersion VL - 51 SP - 955 KW - 414-1 KW - search AU - Burdett, Kenneth AU - Judd, Kenneth PY - 1983/// UR - http://www.jstor.org/stable/1912045 ER -