全球智库信息集成服务系统(G2TT): The Informativeness of Prices: Search With Learning and Cost Uncertainty

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w3833
来源ID	Working Paper 3833
	The Informativeness of Prices: Search With Learning and Cost Uncertainty
	Roland Benabou; Robert Gertner
发表日期	1991-09-01
出版年	1991
语种	英语
摘要	Aggregate cost uncertainty, arising from real shocks or unanticipated inflation, reduces the informativeness of prices by scrambling relative and aggregate variations. But when agents can acquire additional information, such increased noise may in fact lead them to become better informed, and price competition will intensify. We examine these issues in a model of search with learning, where consumers search optimally from an unknown price distribution while firms price optimally given consumers' search rules. We show that the decisive factor in whether inflation variability increases or reduces the incentive to search, and thereby market efficiency, is the size of informational costs.
主题	Other ; Macroeconomics
URL	https://www.nber.org/papers/w3833
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561162
推荐引用方式 GB/T 7714	Roland Benabou,Robert Gertner. The Informativeness of Prices: Search With Learning and Cost Uncertainty. 1991.