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Consumer Search Costs and Market Performance

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Author Info
David, Douglas D
Holt, Charles A

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Abstract

The authors conduct laboratory markets to evaluate the effects of consumer search costs on market performance. The primary research goal is to assess the behavioral relevance of Peter A. Diamond's (1971) paradoxical conclusion that the injection of a small consumer search cost alters the equilibrium price prediction from competitive to monopoly levels. Although monopoly prices are not consistently observed, the authors find that search costs do tend to raise prices. Additional experimentation indicates that below-monopoly prices are not explained by buyer avoidance of high-pricing sellers but that prices increase as search costs are raised. Copyright 1996 by Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal Economic Inquiry.

Volume (Year): 34 (1996)
Issue (Month): 1 (January)
Pages: 133-51
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Handle: RePEc:oup:ecinqu:v:34:y:1996:i:1:p:133-51

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  1. Kathy Baylis & Jeffrey Perloff, 2001. "Price Dispersion on the Internet: Good Firms and Bad Firms," Institute for Research on Labor and Employment, Working Paper Series 1019, Institute of Industrial Relations, UC Berkeley. [Downloadable!]
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  2. Timothy N. Cason & Daniel Friedman, 2000. "Buyer Search and Price Dispersion: A Laboratory Study," Econometric Society World Congress 2000 Contributed Papers 1549, Econometric Society. [Downloadable!]
    Other versions:
  3. Simon P. Anderson & André de Palma, 2003. "Price Dispersion," Virginia Economics Online Papers 361, University of Virginia, Department of Economics. [Downloadable!]
    Other versions:
    • ANDERSON, Simon & de PALMA, AndrŽ, 2003. "Price dispersion," CORE Discussion Papers 2003032, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
  4. Cason, Timothy N. & Noussair, Charles, 2005. "A Market with Frictions in the Matching Process: An Experimental Study," Purdue University Economics Working Papers 1194, Purdue University, Department of Economics. [Downloadable!]
    Other versions:
  5. Michael R. Baye & John Morgan, 2004. "Price Dispersion in the Lab and on the Internet: Theory and Evidence," Working Papers 2004-02, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
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  6. Klaus Adam, 2001. "Competitive Prices in Markets with Search and Information Frictions," CSEF Working Papers 55, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy. [Downloadable!]
  7. Maarten C.W. Janssen & José Luis Moraga-González & Matthijs R. Wildenbeest, 2004. "Consumer Search and Oligopolistic Pricing: An Empirical Investigation," Tinbergen Institute Discussion Papers 04-071/1, Tinbergen Institute. [Downloadable!]
    Other versions:
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