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微观workshop:A Model of Consumer Search with Imperfect Vertical-quality Information
发布日期：2018-03-29 01:47 来源：大陆成人直播-成人直播中文
时间：2018年3月29日（周四）13:30-15:00
地点：北京大学万众楼小教室
主讲人：Yijuan Chen（Senior Lecturer,ANU）
主持人：汪浩、胡岠
题目：A Model of Consumer Search with Imperfect Vertical-quality Information
（Co-author with Xiangting Hu and Sanxi Li）
摘要：In online markets the vertical product quality is usually not perfectly observed by buyers. We incorporate this feature into a consumer search model, and examine its impact on the market outcomes. In a baseline model where the quality signal is drawn from a binary support, we show that the pooling equilibrium can be characterized by two lines between the price and consumers' reservation utility, namely the consumers' "search value line", and the firms' "price incentive line". A reduced search cost will result in a lower consumer surplus and a higher market price. Moreover, when the informativeness of the quality signal drops, it causes the price incentive line to rotate inward, and the search value line to shift downward. Consequently, the consumer surplus decreases, while the market price can be higher or lower.
We extend the baseline model to a setting where the support of quality signal is a continuum, and consumers can adjust their search intensity to virtually alter the informativeness of the quality signal. We show that when the search cost decreases, given that initially the quality signal is sufficiently informative, the consumer surplus will drop and the market price will increase. When the initial quality signal becomes less informative, consumers can still be better off by increasing the search intensity.
主讲人简介：Dr. Yijuan Chen received his Ph.D. in Economics from the University of Pennsylvania. Prior to his doctoral study, he obtained her M.Sc. in Finance and Economics from University of Southampton and BA in Economics from Xiamen University. His main research interests include Industrial Organization, Health Economics. He has published on the top journals such as: International Journal of Industrial Organization, Health Economics, Journal of Mathematical Economics.
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大陆成人直播
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微观workshop:A Model of Consumer Search with Imperfect Vertical-quality Information
发布日期：2018-03-29 01:47 来源：大陆成人直播-成人直播中文
时间：2018年3月29日（周四）13:30-15:00
地点：北京大学万众楼小教室
主讲人：Yijuan Chen（Senior Lecturer,ANU）
主持人：汪浩、胡岠
题目：A Model of Consumer Search with Imperfect Vertical-quality Information
（Co-author with Xiangting Hu and Sanxi Li）
摘要：In online markets the vertical product quality is usually not perfectly observed by buyers. We incorporate this feature into a consumer search model, and examine its impact on the market outcomes. In a baseline model where the quality signal is drawn from a binary support, we show that the pooling equilibrium can be characterized by two lines between the price and consumers' reservation utility, namely the consumers' "search value line", and the firms' "price incentive line". A reduced search cost will result in a lower consumer surplus and a higher market price. Moreover, when the informativeness of the quality signal drops, it causes the price incentive line to rotate inward, and the search value line to shift downward. Consequently, the consumer surplus decreases, while the market price can be higher or lower.
We extend the baseline model to a setting where the support of quality signal is a continuum, and consumers can adjust their search intensity to virtually alter the informativeness of the quality signal. We show that when the search cost decreases, given that initially the quality signal is sufficiently informative, the consumer surplus will drop and the market price will increase. When the initial quality signal becomes less informative, consumers can still be better off by increasing the search intensity.
主讲人简介：Dr. Yijuan Chen received his Ph.D. in Economics from the University of Pennsylvania. Prior to his doctoral study, he obtained her M.Sc. in Finance and Economics from University of Southampton and BA in Economics from Xiamen University. His main research interests include Industrial Organization, Health Economics. He has published on the top journals such as: International Journal of Industrial Organization, Health Economics, Journal of Mathematical Economics.
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