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Imperfect Information Equilibrium, Existence, Configuration and Stability

Author

Listed:
  • Axell, Bo

    (Research Institute of Industrial Economics (IFN))

Abstract

In this paper we examine the stability properties of price dispersion equi1ibrium in a market where individuals and firms have to make efforts to collect information about the prices charged by firms and demand resulting from consumer behavior. The households are searching according to sequential stopping rules and the firms are making experiments in order to find out their demand curve. We show that the price dispersion equilibrium in such a market is stable.

Suggested Citation

  • Axell, Bo, 1980. "Imperfect Information Equilibrium, Existence, Configuration and Stability," Working Paper Series 34, Research Institute of Industrial Economics, revised Feb 1982.
    • Handle: RePEc:hhs:iuiwop:0034
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    More about this item

    Keywords

    Consumer and firm behavior; Imperfect information; Price equilibrium;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory

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