The optimal price of each firm falls in the search cost of consumers, in the limit to the monopoly price, despite the exit of lower-value consumers in response to costlier search. Exit means that fewer inframarginal consumers remain. The decrease in marginal buyers is smaller, because part of demand is composed of customers coming from rival firms. These buyers can be held up and are not marginal. Higher search cost reduces the fraction of incoming switchers among buyers, which decreases the hold-up motive, thus the price.

中文翻译：

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更高的搜索成本降低了价格

每个厂商的最优价格都落在消费者的搜索成本中，在垄断价格的限度内，尽管低价值消费者因更高成本的搜索而退出。退出意味着剩余的边际消费者更少。边际买家的减少幅度较小，因为部分需求由来自竞争对手公司的客户组成。这些买家可以被阻止并且不是边缘。较高的搜索成本减少了买家中转接者的比例，从而降低了保留动机，从而降低了价格。