A New Test of Price Dispersion
Economists have been concerned with price dispersion for apparently homogeneous goods for a long time. Many models have been developed which explain price dispersion by imperfect consumer information about prices in the market. There are few empirical tests of these models. Moreover, these tests at most show that the observed price dispersion is consistent with the models; however, an alternative explanation of price dispersion is always that the goods sold are not homogeneous from the consumers' of view but that there are quality differences which cannot be observed by the empirical economist. Copyright Verein fü Socialpolitik and Blackwell Publishers Ltd 2000.
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Volume (Year): 1 (2000)
Issue (Month): 2 (05)
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References listed on IDEAS
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- Asha Sadanand & Louis Wilde, 1982. "A Generalized Model of Pricing for Homogeneous Goods under Imperfect Information," Review of Economic Studies, Oxford University Press, vol. 49(2), pages 229-240.
- Sadanand, Asha & Wilde, Louis., "undated". "A Generalized Model of Pricing for Homogeneous Goods Under Imperfect Information," Working Papers 386, California Institute of Technology, Division of the Humanities and Social Sciences.
- George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213-213. Full references (including those not matched with items on IDEAS)
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