| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10906 |
| DP10906 Price Dispersion and Informational Frictions: Evidence from Supermarket Purchases | |
| Pierre Dubois; Helena Perrone | |
| 发表日期 | 2015-10-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Traditional demand models assume that consumers are perfectly informed about product characteristics, including price. However, this assumption may be too strong. Unannounced sales are a common supermarket practice. As we show, retailers frequently change position in the price rankings, thus making it unlikely that consumers are aware of all deals offered in each period. Further empirical evidence on consumer behavior is also consistent with a model with price information frictions. We develop such a model for horizontally differentiated products and structurally estimate the search cost distribution. The results show that in equilibrium, consumers observe a very limited number of prices before making a purchase decision, which implies that imperfect information is indeed important and that local market power is potentially high. We also show that a full information demand model yields severely biased price elasticities. |
| 主题 | Industrial Organization |
| 关键词 | Consumer behavior Demand estimation Imperfect information Price dispersion Price elasticities Product differentiation Sales Search costs |
| URL | https://cepr.org/publications/dp10906 |
| 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/539736 |
| 推荐引用方式 GB/T 7714 | Pierre Dubois,Helena Perrone. DP10906 Price Dispersion and Informational Frictions: Evidence from Supermarket Purchases. 2015. |
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