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Transaction, Search and Switching Costs: An Expository Essay

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Keywords
  • D11 - Consumer Economics: Theory
  • D83 - Search
  • Learning
  • Information And Knowledge
  • Communication
  • Belief

Abstract

This essay provides an elementary, unified introduction to the impacts of transaction, search and switching costs on resource allocation in competitive markets. The emphasis is on incorporating these phenomena into models of price-taking behavior, rather than the more usual treatments with imperfect competition.

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