On Search Theory and Customers
AbstractThis paper studies a simple model of decentralized exchange where consumers have to search for a seller that provides the services they want. Once a buyer finds one of these âgoodâ stores, a customer relationship between the two develops. We study the factors on which the formation of this link depends and some of their properties and characteristics. We define a Customers Steady State Equilibrium and give conditions under which one of these exists. Finally, we show how these customer relationships impose a certain sluggishness on the economy as it responds to changes in the cost of production.
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Bibliographic InfoPaper provided by Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata in its series Department of Economics, Working Papers with number 007.
Date of creation: Jun 1998
Date of revision:
Other versions of this item:
- Humberto M. Ennis, 2000. "On Search Theory and Customers," Económica, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata, vol. 0(1), pages 3-21, January-J.
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