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Baye Morgan Scholten (2006) - Information Search and Price Dispersion (view source)
Revision as of 15:06, 11 April 2010
, 15:06, 11 April 2010→The Stigler (1961) Model
<center>where <math>\mathbb{E}(p_{min}^{(n)}) = \mathbb{E}(min\{p_1,p_2,\ldots,p_n\}) \,</math> , that is the expected minimum price from n draws</center>
Note that the strick inequality follows from the proof that <math>\Delta > 0\,</math>, and the weak inequality follows as <math>n^*\,</math> may not be optimal under <math>G\,</math>.
===The Rothschild Critique===
