文章基本信息

标题：Bargaining, Search, and Price Dispersion: Evidence from the Live Hogs Market
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作者：Vukina, Tomislav ; Zheng, Xiaoyong
期刊名称：Journal of Agribusiness
印刷版ISSN：0738-8950
出版年度：2010
页码：534-546
出版社：Journal of Agribusiness
摘要：Using unique panel data on individual transactions between buyers and sellers in the spot market for live hogs, we found a large degree of intra-day price dispersion. Motivated by this empirical puzzle, we offer an explanation which is rooted in the bargaining with search theory. We formulate three hypotheses involving the role of farmers’ search cost, bargaining parties’ patience, and asymmetric information that we believe can explain the observed phenomenon. Empirical analysis shows strong support for all three of the stated theoretical predictions, indicating that the bargaining with search theory explains at least 31 percent of the observed intra-day price variation in this market.
关键词：intra-day price dispersion;bargaining theory;search cost;asymmetric information