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Market Organisation and Trading Relationships
Article first published online: 25 DEC 2001
DOI: 10.1111/1468-0297.00531
Royal Economic Society 2000
1468-0297/asset/cover.gif?v=1&s=d4598d99c5d09047009e7e4c327fabf51190c85f "The Economic Journal")
Additional Information
How to Cite
Weisbuch, G., Kirman, A. and Herreiner, D. (2000), Market Organisation and Trading Relationships. The Economic Journal, 110: 411–436. doi: 10.1111/1468-0297.00531
Publication History
- Issue published online: 25 DEC 2001
- Article first published online: 25 DEC 2001
- Abstract
- Cited By
In this paper we give a theoretical model of buyers' behaviour on a market for a perishable good where no prices are posted. We show that if buyers learn from their own previous experience there is a sharp division between those who learn to be loyal to certain sellers and those who continue to ‘shop around’. This feature remains in more general models which are simulated and is consistent with empirical data from the Marseille fish market.