G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12326
DP12326 Word of Mouth Communication and Search
Yves Zenou; Arthur Campbell; Matthew Leister
发表日期2017-09-22
出版年2017
语种英语
摘要In many economic contexts, the most credible source of information about the quality of products is one's friends. In this paper, we develop a word-of-mouth model of search for an experience good where the quality is unknown. We find the characteristics of the social net- work that result in exclusively low quality, a mixture of qualities and exclusively high-quality products. When consumer search is costly, an exclusively high-quality equilibrium is not possible. Moreover, markets may become stuck in a low-quality equilibrium when equilibria with better quality are possible. Market inefficiencies are characterized by an under-investment in friends and a market's misallocation of low-quality firms.
主题Industrial Organization
关键词Social Networks Search Giant component Inefficiencies
URLhttps://cepr.org/publications/dp12326
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/541136
推荐引用方式
GB/T 7714
Yves Zenou,Arthur Campbell,Matthew Leister. DP12326 Word of Mouth Communication and Search. 2017.
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