英文摘要 |
This paper attempts to utilize a game-theoretical approach to analyzethe pricing behavior of local specialty incorporating informationinsufficiency. We find that when search does not cost, in a Nashequilibrium, some vendors will charge higher than market price and theothers will charge at market price. The reason is that there are someuninformed consumers who are not familiar with the market price. Wealso find that the vendors have the optimal symmetric strategy which ismix strategy: they charge at market price with a fixed probability (π*) andcharge higher than market price with a fixed probability (1-π*).Furthermore, if search is not costless, we find the sufficient andnecessary conditions of existence of a Stationary Symmetric Nashequilibrium. We also characterize the Stationary Symmetric Nashequilibrium. |