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SUMMARY:Bonn Applied Micro Seminar: Ran Spiegler\, “Competitive Markets w
 ith Imperfectly Discerning Consumers”
DESCRIPTION:Yair Antler and Ran Spiegler:\n“Competitive Markets with Impe
 rfectly Discerning Consumers”\n\nIn an adversely selective market model\
 , products generate state-dependent potential hidden charges\, and firms h
 ave differential abilities to realize this exploitative potential. Unlike 
 firms\, consumers do not observe the state. They try to infer hidden charg
 es from headline prices\, using idiosyncratic subjective models. An interi
 or competitive equilibrium is uniquely characterized by what is formally a
  Bellman equation. Relative to rational expectations\, equilibrium add-on
  charges are lower whereas the total price and social welfare are higher. 
 Market responses to shocks display patterns that are impossible under rati
 onal expectations. For example\, although fully revealing\, equilibrium pr
 ices can vary with consumers’ private information.\n\nhttps://www.ranspi
 egler.sites.tau.ac.il/_files/ugd/4871e3_5e9a009e7e724121b2cae57b501ffbce.p
 df
LOCATION:Reinhard Selten Institute\, Niebuhrstraße 5\, 53113 Bonn\, German
 y
DTSTART:20250701T121500Z
DTEND:20250701T133000Z
DTSTAMP:20250618T003239Z
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