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Economic theory of imperfect information and the food retail market



Economic theory of imperfect information and the food retail market



Bulletin of the Faculty of Bioresources, Mie University ( 9): 13-24



This paper studies the effect of imperfect information on the food retail market. It first demonstrates consumer behaviour under imperfect price and quality information by means of indifference curves. It then considers buyer and seller strategies and the process of creation of sequential transactions using game theory. It is shown that consumers' searching behaviour results in a kinked demand curve with price deviations and price rigidity.

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Accession: 002351985

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