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On Price Recognition and Computational Complexity in a Monopolistic Model

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Author Info
Rubinstein, Ariel

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Abstract

A single seller of an indivisible good operates in a market with many consumers who differ in their ability to process information. The consumers' constraints are modeled in two submodels: the first in terms of the limits on the number of sets in the partition of the price space, and the second in terms of the limits on the complexity of the operation he can use to process a price offer. For the construction of the second submodel, the tool of a 'perceptron' is borrowed from the parallel computation literature. The author demonstrates that the heterogeneity of consumers' abilities can be used by the seller to profitably discriminate among them. Copyright 1993 by University of Chicago Press.

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Publisher Info
Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 101 (1993)
Issue (Month): 3 (June)
Pages: 473-84
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Handle: RePEc:ucp:jpolec:v:101:y:1993:i:3:p:473-84

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  1. Matsushima, Hitoshi, 1997. "Bounded Rationality in Economics: A Game Theorist's View," CIRJE F-Series 97-F-10, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  2. B. Luppi, 2006. "Price Competition over Boundedly Rational Agents," Working Papers 565, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
  3. Ran Spiegler, 2005. "Competition over Agents with Boundedly Rational Expectations," Levine's Bibliography 122247000000000535, UCLA Department of Economics. [Downloadable!]
  4. Rani Spiegler, 2005. "The Market for Quacks," Levine's Bibliography 784828000000000634, UCLA Department of Economics. [Downloadable!]
  5. Guido Fioretti, 2002. "Recognizing Investment Opportunities at the Onset of Recoveries," Macroeconomics 0207008, EconWPA. [Downloadable!]
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  6. Philippe Jeniel, 2001. "Analogy-Based Expectation Equilibrium," Economics Working Papers 0003, Institute for Advanced Study, School of Social Science. [Downloadable!]
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  7. Michele Piccione & Ariel Rubinstein, 2003. "Modeling the Economic Interaction of Agents with Diverse Abilities to Recognize Equilibrium Patterns," Levine's Bibliography 506439000000000108, UCLA Department of Economics. [Downloadable!]
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  8. Hendrikse, G.W.J., 2005. "Boards in Agricultural Cooperatives: Competence, Authority, and Incentives," Research Paper ERS-2005-042-ORG Revision, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus Uni. [Downloadable!]
  9. Damme, E. van, 1995. "Game Theory : The Next Stage," Discussion Paper 73, Tilburg University, Center for Economic Research. [Downloadable!]
  10. David Romer, 1997. "Misconceptions and Political Outcomes," NBER Working Papers 6117, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Siddiqi, Hammad, 2006. "Belief merging and revision under social influence: An explanation for the volatility clustering puzzle," MPRA Paper 657, University Library of Munich, Germany. [Downloadable!]
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