["The RAND Journal of Economics, Volume 57, Issue 1, Page 103-121, Spring 2026. ", "\nABSTRACT\nWe study the pricing of homogeneous products sold to customers who consider different sets of suppliers. We identify prices that are stable in the sense that no firm wishes to undercut a rival or to raise its price when rivals are able to respond by offering special deals. We derive stable and dispersed prices across several price‐consideration specifications. We contrast the implications against those of conventional approaches."]