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BEGIN:VEVENT
DTSTAMP:20260429T145844Z
DTSTART;VALUE=DATE-TIME:20250522T143000
DTEND;VALUE=DATE-TIME:20250522T154500
SUMMARY:EBER (DR@W) Seminar - Ernst Fehr
TZID:Europe/London
UID:20250522-8ac672c591dbee500191fa51f2cc05c6@warwick.ac.uk
CREATED:20250516T085357Z
DESCRIPTION:Title: Obfuscation in Competitive Markets (with Keyu Wu) Abst
 ract: In many markets\, firms increase product complexity through add-on
  features\, which can make the evaluation and comparison of products dif
 ficult and thus increase buyers' search cost. Does this product obfuscat
 ion limit buyers' search behavior and induce them to buy overpriced prod
 ucts? And if so\, why does competition not eliminate obfuscated products
 ? We show - based on competitive experimental markets - that if add-ons 
 merely complicate the products without generating additional surplus\, o
 bfuscation via product complexity indeed becomes fragile because buyers 
 display an aversion against complex products. However\, in the presence 
 of surplus-enhancing add-ons\, obfuscation via product complexity become
 s a stable market feature that severely constrains the depth and breadth
  of buyers' search. Sellers anticipate and take advantage of this by hid
 ing unattractive product features and selling add-ons persistently above
  marginal cost. Even the most favourably priced product in the market is
  offered above marginal cost\, and buyers persistently fail to find the 
 best product such that inferior products have a good chance of being bou
 ght\, leading to enduring price dispersion. Surplus-enhancing obfuscatio
 n opportunities are the causal driver of persistent profits and price di
 spersion because if we remove these opportunities\, overall prices quick
 ly converge to marginal cost.
LOCATION:S0.18
CATEGORIES:Seminars,EBERG
LAST-MODIFIED:20250516T085357Z
ORGANIZER;CN=Gill Gudger:
END:VEVENT
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