Game Theoretical Modeling of Competition on the Market with Consumers' Private Values

Student: Shavshin Ruslan

Educational Programme: Economics (Bachelor)

Year of Graduation: 2020

This work is devoted to the study of the effect of private information on the distribution of prices in equilibrium in the model of competition of sellers by posting prices. The constructed model and the subsequent analysis allow us to state that the transformation of buyers's evaluations from public information into private entails a dispersion of prices in the subgame perfect Nash equilibrium. The work is at the junction of the theory of directed search and the theory of competing mechanisms. Extending the results obtained earlier in the event of competition by posting prices, it offers a new answer to the question of the appearance of price dispersion in equilibrium in many markets.

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