Price Signalling Differentiated Experience Goods: Are Uniform Movie Prices a Puzzle?
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
In a simple static model of differentiated experience goods supplied by a single seller, we show that both a uniform price equilibrium and a price signalling equilibrium coexist. This is in contrast to the received wisdom that price signalling of quality is nonviable in static settings. We also show that the seller’s profit is always higher in the price signalling equilibrium than in the uniform price equilibrium, but the consumer surplus and social welfare may be higher in either equilibrium depending on the distribution of the consumers’ tastes for the differentiated goods.
Abstract
In a simple static model of differentiated experience goods supplied by a single seller, we show that both a uniform price equilibrium and a price signalling equilibrium coexist. This is in contrast to the received wisdom that price signalling of quality is nonviable in static settings. We also show that the seller’s profit is always higher in the price signalling equilibrium than in the uniform price equilibrium, but the consumer surplus and social welfare may be higher in either equilibrium depending on the distribution of the consumers’ tastes for the differentiated goods.
참고문헌 (10)
- Cho, I. -K., "Signalling Game and Stable Equilbria", Quarterly Journal of Economics, 102, pp.179~221 (1987)
- Heidhues, P., "Competition and Price Variation When Consumers Are Loss Averse", American Economic Review, 98, pp.1245~1268 (2008)
- Judd, K., "Price and Quality in a New Product Monopoly", Review of Economic Studies, 61, pp.773~789 (1994)
- Mas-Colell, A., "Microeconomic Theory" (1995), Oxford University Press
- Milgrom, P., "Price and Advertising Signals of Product Quality", Journal of Political Economy, 94, pp.796~821 (1986)
- Miller, J., "Evidence of Convergence to a Signalling Equilibrium for Califorenia Wine 2001-2005", Journal of Research in Industrial Organization, pp.12~ (2013)
- Nelson, P., "Information and Consumer Behavior", Journal of Political Economy, 78, pp.311~329 (1970)
- Orbach, B. Y., "Uniform Prices for Differentiated Goods : The Case of the Movie-theater Industry", International Review of Law and Economics, 27, pp.129~153 (2007)
- Richardson, M., "On the"Uniform Pricing Puzzle"in Recorded Music", Information Economics and Policy, 34, pp.58~66 (2016)
- Wolinsky, A., "Prices as Signals of Product Quality", Review of Economic Studies, 50, pp.647~658 (1983)