Essec\Faculty\Model\Contribution {#2216
  #_index: "academ_contributions"
  #_id: "2473"
  #_source: array:26 [
    "id" => "2473"
    "slug" => "search-price-illusion-and-welfare"
    "yearMonth" => "2000-01"
    "year" => "2000"
    "title" => "Search, Price Illusion and Welfare"
    "description" => "BESANCENOT, D., ROCHETEAU, G. et VRANCEANU, R. (2000). Search, Price Illusion and Welfare. <i>Journal of Macroeconomics</i>, pp. 109-124."
    "authors" => array:3 [
      0 => array:3 [
        "name" => "VRANCEANU Radu"
        "bid" => "B00000524"
        "slug" => "vranceanu-radu"
      ]
      1 => array:1 [
        "name" => "BESANCENOT D."
      ]
      2 => array:1 [
        "name" => "ROCHETEAU G."
      ]
    ]
    "ouvrage" => ""
    "keywords" => []
    "updatedAt" => "2020-12-17 17:55:06"
    "publicationUrl" => null
    "publicationInfo" => array:3 [
      "pages" => "109-124"
      "volume" => null
      "number" => null
    ]
    "type" => array:2 [
      "fr" => "Articles"
      "en" => "Journal articles"
    ]
    "support_type" => array:2 [
      "fr" => "Revue scientifique"
      "en" => "Scientific journal"
    ]
    "countries" => array:2 [
      "fr" => null
      "en" => null
    ]
    "abstract" => array:2 [
      "fr" => "L'article étudie l'impact d'une illusion monétaire dans une économie décentralisée à la Diamond (1971). Après un choc nominal, une partie de la population de consommateurs est victime d'une illusion monétaire, i.e. rencontre des difficultés à estimer, correctement, le prix du bien. Si les firmes décident de discriminer les différents types de consommateurs, il en résulte une distribution des prix objective. Il y a trois types d'équilibre possible dans ce jeu, en fonction du degré de confusion des agents. L'un correspond à une distribution des prix non-dégénérée. Nous démontrons que le comportement sous-optimal de certains consommateurs, non seulement modifie les termes de l'échange dans cette économie, mais, dans certains cas, engendre une amélioration du bien-être collectif."
      "en" => "We analyze the effects of price illusion in a decentralized economy à la Diamond (1971) where trade coordination is achieved through costly consumer search. Following a nominal shock, a fraction of the consuming public is subject to price illusion attributable to computing difficulties or lack of information. Firms adapt their pricing strategies in order to discriminate against various consumer types. Three types of equilibria can occur depending on the degree of consumer confusion: one of them yields a non-degenerated distribution of prices. In this model, suboptimal behavior of some consumers alters the terms of trade for the entire economy and may entail a welfare improvement."
    ]
    "authors_fields" => array:2 [
      "fr" => "Economie"
      "en" => "Economics"
    ]
    "indexedAt" => "2024-12-22T02:21:49.000Z"
    "docTitle" => "Search, Price Illusion and Welfare"
    "docSurtitle" => "Journal articles"
    "authorNames" => "<a href="/cv/vranceanu-radu">VRANCEANU Radu</a>, BESANCENOT D., ROCHETEAU G."
    "docDescription" => "<span class="document-property-authors">VRANCEANU Radu, BESANCENOT D., ROCHETEAU G.</span><br><span class="document-property-authors_fields">Economics</span> | <span class="document-property-year">2000</span>"
    "keywordList" => ""
    "docPreview" => "<b>Search, Price Illusion and Welfare</b><br><span>2000-01 | Journal articles </span>"
    "docType" => "research"
    "publicationLink" => "<a href="#" target="_blank">Search, Price Illusion and Welfare</a>"
  ]
  +lang: "en"
  +"_type": "_doc"
  +"_score": 9.341836
  +"parent": null
}