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UID:8ce02a91e9653ad8150b878011306944
CATEGORIES:Seminars
CREATED:20170421T180917
SUMMARY:Lunch Seminar: Nikita Roketskiy - UCL
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:Dynamic Demand and Sequential Monopoly: A Model of Endogenous Screening (wi
 th V. Bhaskar)\nAbstract:\n We analyze a model in which the consumer’s flow
  utility depends on past as well as current consumption, i.e. is written u(
 ct; ct-1); where the function u is either strictly submodular or strictly s
 uper-modular. Suppliers are small, so that each interacts with the consumer
  only at one date, but search frictions give rise to monopoly power, and fi
 rms offer non-linear prices. Consumers have identical preferences so that d
 ifferences in taste only arise due to differences in past consumption. When
  firms observe past consumption, they induce excessive (resp. insufficient)
  consumption when u is submodular (resp. super-modular). Our main focus is 
 on the case where past consumption is unobservable. We show that pure strat
 egy equilibrium fails to exist. In the two-period version of the model, we 
 prove the existence and uniqueness of a mixed strategy equilibrium that giv
 es rise to a distribution of period-one consumptions, and thus an endogenou
 s screening problem in the second period. Consumers are better off when pas
 t consumption is unobservable. In the infinite horizon model, we construct 
 a stationary distribution of equilibrium consumption in the supermodular ca
 se.\n
DTSTAMP:20260406T041633Z
DTSTART:20161109T130000Z
DTEND:20161109T140000Z
SEQUENCE:0
TRANSP:OPAQUE
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