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Download or read book The International Role of Prices written by Sanford J.. Grossman and published by . This book was released on 1989 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Marketing Information Systems written by Lee E. Preston and published by . This book was released on 1964 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Leonard J. Mirman
Publisher:
Published: 2017
Total Pages: 37
ISBN-13:
DOWNLOAD EBOOKWe study the informational role of prices. To that end, we consider the framework of a dominant firm with a competitive fringe. When the competitive fringe is large enough, there exists a unique fully revealing equilibrium, in which the price conveys full information about the quality of the good to uninformed buyers. Deceiving the uninformed buyers by charging a high price and mimicking a high quality is not profitable when the competitive fringe is large enough. Since a higher price triggers more sales on the part of the competitive fringe, residual demand and thus profits are reduced. We also study the effect of asymmetric information and learning on the equilibrium outcomes. More uninformed buyers increases the price, reduces the quantity sold by the dominant firm, but increases the quantity sold by the competitive fringe.
Download or read book The Informational Role of Prices written by Leonard J. Mirman and published by . This book was released on 2017 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the informational role of prices. To that end, we consider the framework of a dominant firm with a competitive fringe. When the competitive fringe is large enough, there exists a unique fully revealing equilibrium, in which the price conveys full information about the quality of the good to uninformed buyers. Deceiving the uninformed buyers by charging a high price and mimicking a high quality is not profitable when the competitive fringe is large enough. Since a higher price triggers more sales on the part of the competitive fringe, residual demand and thus profits are reduced. We also study the effect of asymmetric information and learning on the equilibrium outcomes. More uninformed buyers increases the price, reduces the quantity sold by the dominant firm, but increases the quantity sold by the competitive fringe.
Author: Eirik Romstad
Publisher:
Published: 2010
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOKThe paper extends the framework of prices beyond the standard market setting to incorporate public goods and natural resources. These are settings where one does not usually think of market solutions. Core theory has established that price-taking behaviour by both suppliers and consumers, i.e. the absence of strategic considerations, greatly improves the informational value of prices, and hence of economic equilibria. This also holds when using market-like institutions to allocate resources for public goods. Policy effectiveness in many areas can be improved when agents are induced to reveal, voluntarily and truthfully, their willingness-to-pay or production costs.
Download or read book The Informational Role of Prices written by Eirik Romstad and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper extends the framework of prices beyond the standard market setting to incorporate public goods and natural resources. These are settings where one does not usually think of market solutions. Core theory has established that price-taking behaviour by both suppliers and consumers, i.e. the absence of strategic considerations, greatly improves the informational value of prices, and hence of economic equilibria. This also holds when using market-like institutions to allocate resources for public goods. Policy effectiveness in many areas can be improved when agents are induced to reveal, voluntarily and truthfully, their willingness-to-pay or production costs.
Author: Leonard J. Mirman
Publisher:
Published: 2017
Total Pages: 23
ISBN-13:
DOWNLOAD EBOOKThis is the online appendix to The Informational Role of Prices by Leonard J. Mirman and Marc Santugini.
Download or read book Online Appendix written by Leonard J. Mirman and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the online appendix to The Informational Role of Prices by Leonard J. Mirman and Marc Santugini.
Download or read book The Informational Role of Prices written by Anat R. Admati and published by . This book was released on 1991 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Xiaojuan (Grace) Hu
Publisher: ProQuest
Published: 2008
Total Pages: 194
ISBN-13: 9780549478362
DOWNLOAD EBOOKWe examine how an increase in the number of information sources affects traders' welfare and their information acquisition decisions. We show that as the number of information sources increases, the informativeness of market prices decreases. As a result, more traders choose to acquire information. In addition, traders' ex ante utilities decrease.
Download or read book On the Informational Role of Prices in Financial Markets written by Xiaojuan (Grace) Hu and published by ProQuest. This book was released on 2008 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine how an increase in the number of information sources affects traders' welfare and their information acquisition decisions. We show that as the number of information sources increases, the informativeness of market prices decreases. As a result, more traders choose to acquire information. In addition, traders' ex ante utilities decrease.
Author: Esteban F. Thomsen
Publisher: Routledge
Published: 2002-01-22
Total Pages: 159
ISBN-13: 1134915578
DOWNLOAD EBOOKThe growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
Download or read book Prices and Knowledge written by Esteban F. Thomsen and published by Routledge. This book was released on 2002-01-22 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
Author: Sanford J. Grossman
Publisher: MIT Press (MA)
Published: 1989
Total Pages: 218
ISBN-13: 9780262572149
DOWNLOAD EBOOKA uniform framework for understanding how prices convey information in securities markets.
Download or read book The Informational Role of Prices written by Sanford J. Grossman and published by MIT Press (MA). This book was released on 1989 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: A uniform framework for understanding how prices convey information in securities markets.
Download or read book Individuals Neglect the Informational Role of Prices written by Fernando Chague and published by . This book was released on 2018 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt:
