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摘要翻译：
我证明了在产品质量和生产成本不同的市场上，企业的价格几乎是竞争性的，消费者可以从价格中推断产品的质量，而了解价格是昂贵的。破产风险或监管将更高的质量与更低的成本联系起来。如果高质量的公司成本较低，那么他们可以通过降价来显示质量。然后，低质量的公司必须降低价格来留住顾客。这种压低价格的竞赛以一种分离的均衡结束，在这种均衡中，低质量的公司收取他们有竞争力的价格，高质量的公司收取略低的价格。
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英文标题：
《Competitive pricing despite search costs if lower price signals quality》
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作者：
Sander Heinsalu
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最新提交年份：
2018
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分类信息：
一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Economics 经济学
二级分类：Theoretical Economics 理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
I show that firms price almost competitively and consumers can infer product quality from prices in markets where firms differ in quality and production cost, and learning prices is costly. Bankruptcy risk or regulation links higher quality to lower cost. If high-quality firms have lower cost, then they can signal quality by cutting prices. Then the low-quality firms must cut prices to retain customers. This price-cutting race to the bottom ends in a separating equilibrium in which the low-quality firms charge their competitive price and the high-quality firms charge slightly less.
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PDF链接：
https://arxiv.org/pdf/1806.00898
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