Using price distributions to estimate search costs
AbstractWe show how the equilibrium restrictions implied by standard search models can be used to estimate search-cost distributions using price data alone. We consider both sequential and nonsequential search strategies, and develop estimation methodologies that exploit equilibrium restrictions to recover estimates of search-cost heterogeneity that are theoretically consistent with the search models. We illustrate the methods using online prices for several economics and statistics textbooks.
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Bibliographic InfoArticle provided by RAND Corporation in its journal RAND Journal of Economics.
Volume (Year): 37 (2006)
Issue (Month): 2 (06)
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Other versions of this item:
- Han Hong & Matthew Shum, 2006. "Using Price Distributions to Estimate Search Costs," RAND Journal of Economics, The RAND Corporation, vol. 37(2), pages 257-275, Summer.
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