A theory of commerce
| Autor: | Belén Jerez, Miquel Faig |
|---|---|
| Rok vydání: | 2005 |
| Předmět: |
Economics and Econometrics
Ex ante price offers media_common.quotation_subject 05 social sciences Retail trade TheoryofComputation_GENERAL Economía E1 Microeconomics D82 D83 Benchmark (surveying) Search model 0502 economics and business Economics Directed search Private information 050207 economics Welfare Private information retrieval D43 050205 econometrics media_common |
| Zdroj: | e-Archivo. Repositorio Institucional de la Universidad Carlos III de Madrid instname |
| ISSN: | 0022-0531 |
| DOI: | 10.1016/j.jet.2004.04.002 |
| Popis: | The theory of commerce advanced here captures prominent features of retail trade: large employment, congestion effects, anonymous posted prices, and quantity discounts. This theory is built around a directed search model where buyers’ preferences are private information. The analytical solution is easily inserted in a Neoclassical growth framework. In this framework, the parameters of retail trade are calibrated using commercial margins and employment. Welfare properties depend on the sellers’ ability to charge two-tier prices. With two-tier prices, the directed search equilibrium is efficient. Otherwise, it is not. This contrasts with the full information benchmark, where directed search is always efficient. Financial support from SSHRC of Canada (Grant 410010028) and DGCYT of Spain (projects BEC2002-00642,BEC2000-01 72 and HI2001-0039) is gratefully acknowledged. Publicado |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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