We consider an economy where many sellers sell identical goods to many buyers. Each seller has a unit supply and each buyer has a unit demand. The only possible information flow about prices is through costly advertising. We show that in equilibrium the sellers use mixed strategies in pricing which leads to price and advertisement distributions. With convex advertising costs each seller sends only one advertisement in the market. We also delineate a class of advertising costs which ensures that sellers may send multiple advertisements in equilibrium. Higher prices are advertised more than lower prices.

中文翻译：

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均衡价格和广告分布

我们考虑一个经济，其中许多卖家向许多买家出售相同的商品。每个卖家都有一个单位供应量，每个买家都有一个单位需求量。关于价格的唯一可能信息流是通过昂贵的广告。我们表明，在均衡中，卖家在定价中使用混合策略，导致价格和广告分布。对于凸广告成本，每个卖家在市场上只发送一个广告。我们还描述了一类广告成本，以确保卖家可以均衡地发送多个广告。较高的价格比较低的价格宣传得更多。