Essays in Microeconomics
The first paper considers a two-stage duopoly model of costless advertising: in the first stage each firm simultaneously chooses the accuracy of signals informing consumers about how much they value its product; in the second stage firms compete in prices. We find that when the distributions of consumers' valuations for each product are identical, independent and symmetric, and the market is covered for any combination of first-stage choices, the subgame-perfect equilibrium involves both firms...[Show more]
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