Market Organisation and Trading Relationships
AbstractIn this paper we give a theoretical model of buyers' behaviour on a market for a perishable good where no prices are posted. We show that if buyers learn from their own previous experience there is a sharp division between those who learn to be loyal to certain sellers and those who continue to "shop around". This feature remains in more general models which are simulated and is consistent with empirical data from the Marseille fish market.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 110 (2000)
Issue (Month): 463 (April)
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Other versions of this item:
- D4 - Microeconomics - - Market Structure and Pricing
- L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
- Q22 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Fishery
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