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Uncertainty and Shopping Behaviour: An Experimental Analysis

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  • Grether, David M
  • Schwartz, Alan
  • Wilde, Louis L

Abstract

This paper reports experimental tests of three search equilibrium models. These models, which differ only in the search strategies available to the buyers, have qualitatively different predictions. The experimental ou tcomes generally were consistent with the models' predictions. This s uggests that debate on the utility of this class of models should shi ft to the realism of the models' assumptions rather than focus on the ir ability to characterize market outcomes. Also, since the basic mod els have been validated, the project of analyzing experimentally the results of relaxing some of their assumptions seems worthwhile. Copyright 1988 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 55 (1988)
Issue (Month): 2 (April)
Pages: 323-42

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Handle: RePEc:bla:restud:v:55:y:1988:i:2:p:323-42

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Cited by:
  1. Mitchell Berlin & Loretta J. Mester, 1987. "Credit card rates and consumer search," Working Papers 88-1, Federal Reserve Bank of Philadelphia.
  2. James Cox & Ronald Oaxaca, 2000. "Good News and Bad News: Search from Unknown Wage Offer Distributions," Experimental Economics, Springer, vol. 2(3), pages 197-225, March.
  3. Cason, Timothy N. & Friedman, Daniel, 2003. "Buyer search and price dispersion: a laboratory study," Journal of Economic Theory, Elsevier, vol. 112(2), pages 232-260, October.
  4. Klaus Adam, 2001. "Competitive Prices in Markets with Search and Information Frictions," CSEF Working Papers 55, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  5. Sebnem Bahadir-Lust & Jens-Peter Loy & Christoph R. Weiss, 2007. "Are they always offering the lowest price? An empirical analysis of the persistence of price dispersion in a low inflation environment," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(7), pages 777-788.
  6. Ralph-C Bayer & Changxia Ke, 2010. "Discounts and Consumer Search Behavior: The Role of Framing," School of Economics Working Papers 2010-21, University of Adelaide, School of Economics.
  7. Ralph-C Bayer & Changxia Ke, 2010. "Rockets and Feathers in the Laboratory," School of Economics Working Papers 2010-20, University of Adelaide, School of Economics.
  8. Bengtsson, Niklas, 2011. "Regulation Failure and CO2-emissions: An Experimental Investigation of the Cape Town Taxi Market," Working Paper Series, Center for Labor Studies 2011:13, Uppsala University, Department of Economics, revised 12 Aug 2013.
  9. Cason, Timothy N. & Datta, Shakun, 2006. "An experimental study of price dispersion in an optimal search model with advertising," International Journal of Industrial Organization, Elsevier, vol. 24(3), pages 639-665, May.
  10. Ralph-C Bayer & Changxia Ke, 2011. "Are "Rockets and Feathers" Caused by Search or Informational Frictions," Working Papers are_rockets_and_feathers_, Max Planck Institute for Tax Law and Public Finance.
  11. Dmitry Ryvkin & Danila Serra, 2013. "Does Competition Among Public Officials Reduce Corruption? An Experiment," Departmental Working Papers 1301, Southern Methodist University, Department of Economics.
  12. Yavas, Abdullah, 2001. "The immediacy service of the specialist as a coordination mechanism," International Review of Economics & Finance, Elsevier, vol. 10(3), pages 205-221, July.

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