Market Organisation and Trading Relationships

Market Organisation and Trading Relationships

In this paper we give a theoretical model of buyers' behaviour on a market for a perishable good where no prices are posted. We show that if buyers learn from their own previous experience there is a sharp division between those who learn to be loyal to certain sellers and those who continue to...

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Veröffentlicht in:The Economic journal (London) 2000-04, Vol.110 (463), p.411-436
Hauptverfasser: Weisbuch, Gerard, Kirman, Alan, Herreiner, Dorothea
Format: Artikel
Sprache:eng
Schlagworte:
Auctions
Behavior modeling
Business orders
Buyers
Coefficients
Customers
Economic models
Economic theory
Equilibrium
Fish
Fish markets
Histograms
Inventories
Market
Market equilibrium
Market prices
Modeling
Perishable goods
Retail stores
Simulation
Studies
Supply and demand
Trade
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Beschreibung
Zusammenfassung:In this paper we give a theoretical model of buyers' behaviour on a market for a perishable good where no prices are posted. We show that if buyers learn from their own previous experience there is a sharp division between those who learn to be loyal to certain sellers and those who continue to `shop around'. This feature remains in more general models which are simulated and is consistent with empirical data from the Marseille fish market.
ISSN:0013-0133
1468-0297
DOI:10.1111/1468-0297.00531