G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7322
DP7322 Crash Risk in Currency Markets
Xavier Gabaix; Adrien Verdelhan; Romain Rancière; Emmanuel Farhi; Samuel P. Fraiberger
发表日期2009-06-14
出版年2009
语种英语
摘要This paper examines how the distribution of prices and consumer welfare change with the number of competitors in a model where consumers di¤er in the amount of price information they have. We only assume that an increase in the number of competitors results in an increase in the probability that consumers observe more prices. We then show, first, that the lower percentiles of the price distribution must decrease when the number of competitors goes up, while the higher percentiles of the price distribution need not decrease. We next provide a sufficient condition for all price percentiles to decline. In such a situation, some percentiles fall more than others, which leads to asymmetric consumer welfare gains from increased competition. Third, we provide a sufficient condition under which the higher percentiles of the distribution of prices paid by all types of consumers increase. When this happens, the probability that a consumer already paying a high price will pay even a higher price increases and it may even be the case that some consumers experience a welfare loss on average. Nevertheless, the weighted average price paid by consumers - the consumer surplus - always (weakly) decreases with increased competition. We provide an empirical strategy to identify how the response of prices to increased competition varies along the price distribution and use gasoline price data from the Netherlands to illustrate.
主题Industrial Organization
关键词Gasoline prices Imperfect information Number of firms Price distribution
URLhttps://cepr.org/publications/dp7322
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/536153
推荐引用方式
GB/T 7714
Xavier Gabaix,Adrien Verdelhan,Romain Rancière,et al. DP7322 Crash Risk in Currency Markets. 2009.
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