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FRANKLIN TEMPLETON INVESTMENT FUNDS: SOCIÉTÉ D'INVESTISSEMENT À CAPITAL VARIABLE 2011

We will show that in the two-good nonsequential search model prices of the two goods will be randomized and depending on the nature of demand interrelation we expect to nd no correlation between them if the goods are substitutes or independently valued and negative correlation if they are complements. The latter result derives from an inability to charge the highest price for each good simultaneously as at such pair of prices none of the complements will be purchased at all. When deciding to carry both substitutes the retailers are not able to charge excessive price for each of them and hence neither of the prices is restricting.