Consumer Sequential Search: Not Enough or Too Much?
نویسندگان
چکیده
Rami Zwick • Amnon Rapoport • Alison King Chung Lo • A. V. Muthukrishnan Hong Kong University of Science and Technology, Clear Water Bay, Kowloon, Hong Kong University of Arizona, Management and Policy, P.O. Box 210108, Tucson, Arizona 85721-0108 Duke University, Fuqua School of Business, Durham, North Carolina 27708-0120 Hong Kong University of Science and Technology, Clear Water Bay, Kowloon Hong Kong [email protected] • [email protected] • [email protected] • [email protected]
منابع مشابه
Consumer Search: Not Enough or Too Much?
We study search behavior in a generalized “secretary problem” environment in which consumers search sequentially for the best alternative from a known and finite set of multi-attribute alternatives. In contrast to most previous studies, we make no distributional assumptions about the quality of the alternatives. Rather, at each stage of the search the consumers are only assumed to be able to ra...
متن کاملToo Much Information ?
A seller often needs to determine the amount of product information to provide to consumers. We model costly consumer information search in the presence of limited information. We derive the consumer’s optimal stopping rule for the search process. We find that, in general, there is an intermediate amount of information that maximizes the likelihood of purchase. If too much information is provid...
متن کاملWhen More Alternatives Lead to Less Choice
One crucial decision firms or government agencies must make is the selection of the alternatives, e.g., the characteristics and/or the number of products, to offer to consumers or citizens. The selection of the set of alternatives to offer should not only take into account the potential preferences of the consumers and firms, but also the evaluation costs of the economic agents. This may lead t...
متن کاملProduct Characteristics and Price Advertising with Consumer Search
Many advertisements inform the consumer about product characteristics, while others give price information with very little product information, and some provide both types of information. We propose a framework to analyze the incentives for firms to provide various types of information. We consider the case of a single seller. There is no incentive to provide information on product characteris...
متن کاملSearch Method? Optimal Search∗
Understanding the method that consumers use to sample through alternatives is paramount to correctly estimating their preference and search cost parameters. Identifying consumers’ search method has been the subject of two recent papers (De los Santos et al. 2012; Honka and Chintagunta, 2014). Both of these papers find that the simultaneous search model more accurately describes consumers’ searc...
متن کامل