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Competitive Equilibria in Markets for Heterogeneous Goods Under Imperfect Information: A Theoretical Analysis with Policy Implications

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  • Schwartz, Alan
  • Wilde, Louis L.
Abstract
This article characterizes necessary and sufficient conditions for heterogeneous search goods to trade at their competitive prices, and derives policy implications from these conditions. The model differs from earlier search equilibrium models in that it allows the existence of product heterogeneity. Our principal conclusions are that markets for heterogeneous search goods tend rather easily to segment into homogeneous subsets; when they do not, heterogeneity can work against the existence of competitive equilibria because it dilutes the effectiveness of search. Nevertheless, the likelihood of competitive equilibria obtaining in heterogeneous search goods markets can often be increased by reducing the costs to consumers of directly comparing purchase alternatives.
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  • Schwartz, Alan & Wilde, Louis L., "undated". "Competitive Equilibria in Markets for Heterogeneous Goods Under Imperfect Information: A Theoretical Analysis with Policy Implications," Working Papers 381, California Institute of Technology, Division of the Humanities and Social Sciences.
    • Handle: RePEc:clt:sswopa:381
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    Cited by:

    1. Mark A. Geistfeld, 2009. "Products Liability," Chapters, in: Michael Faure (ed.), Tort Law and Economics, chapter 11, Edward Elgar Publishing.
    2. Garcia, René, 1986. "La théorie économique de l’information : exposé synthétique de la littérature," L'Actualité Economique, Société Canadienne de Science Economique, vol. 62(1), pages 88-109, mars.
    3. Soldatos, Gerasimos T., 1990. "Information and Competitive Equilibria in the Housing Market," MPRA Paper 57629, University Library of Munich, Germany.

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