Market Structure with Interacting Consumers

Essays on Economies with Heterogenous Interacting Consumers

This essay contributes to the discussion about the representative agent’s ability to characterize the collection of agents. I perform two exercises in context of a fairly general multi-product multi-agent environment and show that in order the representative agent to be able to describe the out-of-equilibrium dynamics of the society additional assumptions are required. It is established that th...

Simple Market Equilibria with Rationally Inattentive Consumers†

We study a market with rationally inattentive consumers who are unsure of the terms of the offers made by firms, but can acquire information about the terms at a cost. In a symmetric equilibrium, the price set by firms is continuously increasing in the cost of information for consumers and decreasing in the number of firms operating. In addition, favorable a priori information about a firm lead...

Market Share Response When Consumers Seek Variety

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Market Structure and Price Adjustment in the Iranian Tea Market

Interacting with Stock Market Data in a Virtual Environment

Virtual Environment technology enables new styles of user interfaces that provide multi-sensory interactions. For example, interfaces can be designed which immerse the user in a 3D space and provide multi-sensory feedback. Many information spaces are multivariate, large and abstract in nature. It has been a goal of Virtual Environments to widen the human to computer bandwidth and so assist in t...