| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3288 |
| DP3288 The Microstructure of Stock Markets | |
| Bruno Biais; Larry Glosten; Chester S Spatt | |
| 发表日期 | 2002-03-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We show how introductory offers emerge endogenously under conditions of competition in markets with switching costs. In a standard Hotelling model we find the combination of switching costs and introductory discounts to reduce industry profits relative to industries without switching costs, in which introductory offers do not emerge. Thus, our analysis offers a formalized argument for the policy conclusion that the strategic use of introductory offers should be promoted, not banned, in environments where firms are able to discriminate across different vintages of customers. |
| 主题 | Industrial Organization |
| 关键词 | Introductory offers Price discrimination Switching costs Competitiveness |
| URL | https://cepr.org/publications/dp3288 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532313 |
| 推荐引用方式 GB/T 7714 | Bruno Biais,Larry Glosten,Chester S Spatt. DP3288 The Microstructure of Stock Markets. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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