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Baye Morgan Scholten (2006) - Information Search and Price Dispersion (view source)
Revision as of 16:24, 11 April 2010
, 16:24, 11 April 2010→The Stigler (1961) Model
The distribution of the lowest <math>n\,</math> draws is:
<center><math>F_{min}^{(n)}(p) = 1 - (1-F(p))^n\,</math>, where <math>(1-F(p))^n\,</math> is the probability that <math>P\,</math> is less than <math>p\,</math> for all <math>n\,</math> draws. </center>
