论文标题
更高的搜索成本降低了价格
Greater search cost reduces prices
论文作者
论文摘要
尽管低价值消费者退出以响应更昂贵的搜索，但每个公司的最佳价格以消费者的搜索成本限制为垄断价格。出口意味着少量的外部消费者仍然存在。边际买家的减少较小，因为需求的一部分是由来自竞争对手公司的客户组成的。这些买家可以抓住，不是边缘。较高的搜索成本减少了买家中传入切换器的比例，从而降低了持有动机，从而降低了价格。
The optimal price of each firm falls in the search cost of consumers, in the limit to the monopoly price, despite the exit of lower-value consumers in response to costlier search. Exit means that fewer inframarginal consumers remain. The decrease in marginal buyers is smaller, because part of demand is composed of customers coming from rival firms. These buyers can be held up and are not marginal. Higher search cost reduces the fraction of incoming switchers among buyers, which decreases the hold-up motive, thus the price.
