Dulleck, Uwe (School of Economics and Finance, Queensland University of Technology, Brisbane, Australia) Hackl, Franz (Department of Economics, University of Linz, Linz, Austria) Weiss, Bernhard (Department of Economics, University of Linz, Linz, Austria) Winter-Ebmer, Rudolf (Department of Economics, University of Linz, Linz, Austria, and Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria)
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In this article we propose a two stage procedure to model demand decisions by customers who are balancing several dimensions of a product. We then test our procedure by analyzing the behavior of buyers from an Austrian price comparison site. Although in such a market a consumer will typically search for the cheapest price for a given product, reliability and service of the supplier are other important characteristics of a retailer. In our data, consumers follow such a two stage procedure: they select a shortlist of suppliers by using the price variable only; finally, they trade off reliability and price among these shortlisted suppliers.
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Paper provided by Institute for Advanced Studies in its series Economics Series with number
225.
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