Search Equilibrium with Endogenous Recall
AbstractIn search models, the property of "recall" has heretofore been treated as exogenous, with a distinction made between models with "no recall" and models with "perfect recall." However, an alternative interpretation is that recall is provided by the firms. Then, "perfect recall" corresponds to holding the good forever, while "no recall" corresponds to a refusal to hold the good at all. Imperfect recall is provided if a firm agrees to hold the good for a finite number of periods. We show that the commonly observed practice of holding the good for some length of time, while the customer continues to shop elsewhere, can be an equilibrium strategy.
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Bibliographic InfoArticle provided by The RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 23 (1992)
Issue (Month): 2 (Summer)
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- S. Nuray Akin & Brennan Platt, 2012. "A theory of search with deadlines and uncertain recall," Working Papers 2012-3, University of Miami, Department of Economics.
- Brennan Platt & Nuray Akin, 2012. "A theory of search with recall and uncertain deadlines," 2012 Meeting Papers 777, Society for Economic Dynamics.
- James D. Dana, 2000.
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- Andrew F. Daughety & Jennifer F. Reinganum, 2011. "Search, Bargaining, And Agency in the Market for Legal Services," Vanderbilt University Department of Economics Working Papers 1106, Vanderbilt University Department of Economics.
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