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- W1568683480 abstract "We develop a model to study market interaction between rationalfirms on one side of the market and boundedly rational consumers onthe other. A special feature of bounded rationality is modelled here:from psychological evidence, people tend to group events or numbersinto categories; therefore we consider consumers who partition theprice space into connected sets and regard each price belonging to thesame set as equal.According to Rubinstein (1993), we endogenize the choice of theprice partition by consumers, who determine the optimal price partitiongiven the constraint imposed on their ability to process informationon prices. We develop a model with two firms and two states ofnature. We show that we depart from classical Bertrand result whenconsumers are characterized by a bound on the finiteness of price partitioninferior to the cardinality of the space of world states. In otherwords, in presence of consumers who can partition the price space intotwo sets and with two states of the world, firms find optimal to setprice above marginal cost, making positive profits. The intuition ofthe result can be explained as follows: when a consumer chooses theprice partition, she faces a trade off between the detection of the stateof nature and the detection of a deviating behavior of the firm in agiven state of nature." @default.
- W1568683480 created "2016-06-24" @default.
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- W1568683480 date "2006-01-01" @default.
- W1568683480 modified "2023-09-27" @default.
- W1568683480 title "Price Competition over Boundedly Rational Agents" @default.
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- W1568683480 doi "https://doi.org/10.6092/unibo/amsacta/4722" @default.
- W1568683480 hasPublicationYear "2006" @default.
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