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http://hdl.handle.net/2123/6440
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| Title: | Equilibrium Price Dispersion: A Model of Intermediated Search with Repeated Interaction |
| Authors: | Cusbert, Thomas Discipline of Economics |
| Issue Date: | 2008 |
| Abstract: | This thesis develops a model in which homogeneous producers and merchants interact repeatedly in a search market. Merchants are able to reduce the cost of search by o ering trading certainty to pro- ducers with whom they have a preexisting relationship. Equilibria are characterised in Markov strategies, and it is found that price- dispersed equilibria exist in asymmetric strategies. Conditions in which a price-dispersed equilibrium can be welfare improving com- pared to a single-price equilibrium are found, and two extensions to the basic model are provided. |
| URI: | http://hdl.handle.net/2123/6440 |
| Department/Unit/Centre: | Discipline of Economics |
| Appears in Collections: | Honours Theses - School of Economics Honours Theses |
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