On Search Theory and Customers
This 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 “good” 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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|Date of creation:||Jun 1998|
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