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On Probabilistic Models of Consumer Search for Information

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  • Joseph L. Gastwirth

Abstract

I. Introduction, 38. — II. Review and development of Stigler's original model, 39. — III. The effect of dependence among the prices offered, 44. — IV. The sequential rule for Stigler's model, 45. — V. Implications and comments, 49.

Suggested Citation

  • Joseph L. Gastwirth, 1976. "On Probabilistic Models of Consumer Search for Information," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 90(1), pages 38-50.
    • Handle: RePEc:oup:qjecon:v:90:y:1976:i:1:p:38-50.
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    Citations

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    Cited by:

    1. Tat Y. Chan & Young-Hoon Park, 2015. "Consumer Search Activities and the Value of Ad Positions in Sponsored Search Advertising," Marketing Science, INFORMS, vol. 34(4), pages 606-623, July.
    2. Martín Egozcue & Jiang Wu & Ričardas Zitikis, 2017. "Optimal two-stage pricing strategies from the seller’s perspective under the uncertainty of buyer’s decisions," Journal of Statistical Distributions and Applications, Springer, vol. 4(1), pages 1-25, December.
    3. D.J. Butler & G. Loomes, 1992. "Procedural Rationality in Consumer Search: An experimental investigation," Economics Discussion / Working Papers 92-14, The University of Western Australia, Department of Economics.
    4. Rauh, Michael T., 1997. "A Model of Temporary Search Market Equilibrium," Journal of Economic Theory, Elsevier, vol. 77(1), pages 128-153, November.
    5. 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.
    6. Miao Chun-Hui, 2020. "Search and Bidding Costs," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 20(2), pages 1-7, April.
    7. Mark A. Satterthwaite, 1977. "The Effect of Increased Supply on Equilibrium Price : A Theory for the Strange Case of Physicians' Services," Discussion Papers 294, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    8. David A. Lax, 1985. "Optimal Search in Negotiation Analysis," Journal of Conflict Resolution, Peace Science Society (International), vol. 29(3), pages 456-472, September.
    9. Ed Hopkins, "undated". "Price Dispersion: An Evolutionary Approach," Discussion Papers 1996-3, Edinburgh School of Economics, University of Edinburgh.
    10. Kirman, Alan & Schulz, Rainer & Hardle, Wolfgang & Werwatz, Axel, 2005. "Transactions that did not happen and their influence on prices," Journal of Economic Behavior & Organization, Elsevier, vol. 56(4), pages 567-591, April.
    11. Xinyu Cao & Yuting Zhu, 2024. "The Power of Commitment in Group Search," Marketing Science, INFORMS, vol. 43(1), pages 213-228, January.
    12. Xiangyu Gao & Stefanus Jasin & Sajjad Najafi & Huanan Zhang, 2022. "Joint Learning and Optimization for Multi-Product Pricing (and Ranking) Under a General Cascade Click Model," Management Science, INFORMS, vol. 68(10), pages 7362-7382, October.
    13. Paul L. Joskow & Roger G. Noll, 1981. "Regulation in Theory and Practice: An Overview," NBER Chapters, in: Studies in Public Regulation, pages 1-78, National Bureau of Economic Research, Inc.
    14. Babur De los Santos & Ali Hortacsu & Matthijs R. Wildenbeest, 2012. "Search with Learning," Working Papers 2012-03, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    15. Choi, Jin Wook, 1982. "An analysis of price responses to public information: a case study of the USDA corn crop forecasts," ISU General Staff Papers 198201010800008030, Iowa State University, Department of Economics.
    16. Xing Zhang & Tat Y. Chan & Ying Xie, 2018. "Price Search and Periodic Price Discounts," Management Science, INFORMS, vol. 64(2), pages 495-510, February.
    17. Schlag, Karl H. & Zapechelnyuk, Andriy, 2021. "Robust sequential search," Theoretical Economics, Econometric Society, vol. 16(4), November.

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