In markets with search frictions, consumers can acquire information about goods either through costly search or from friends via word-of-mouth (WOM) communication. How do sellers’ market power react to a very…
In many markets buyers are poorly informed about which firms sell the product (product availability) and prices, and therefore have to spend time to obtain this information. In contrast, sellers typically have a…
This article explores the performance of strict liability and negligence when agents initially have imperfect information about what care options exist to influence expected accidental harm. A technology that…