Search frictions and market power in negotiated-price markets
We provide a framework for empirical analysis of negotiated-price markets. Using mortgage market data and a search and negotiation model, we characterize the welfare impact of search frictions and quantify the role of search costs and brand loyalty for market power. Search frictions reduce consumer...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
University of Chicago Press
2019
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| Subjects: | |
| Online Access: | View Fulltext in Publisher |