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The Sequential Search Model: A Framework for Empirical Research

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  • Seiler, Stephan
  • Ursu, Raluca
  • Honka, Elisabeth

Abstract

We provide a detailed overview of the empirical implementation of the sequential search model proposed by Weitzman (1979). We discuss the assumptions underlying the model, the identification of search cost and preference parameters, the necessary normalizations of utility parameters, counterfactuals that require a search model framework, and different estimation approaches. The goal of this paper is to consolidate knowledge and provide a unified treatment of various aspects of sequential search models that are relevant for empirical work.

Suggested Citation

  • Seiler, Stephan & Ursu, Raluca & Honka, Elisabeth, 2023. "The Sequential Search Model: A Framework for Empirical Research," CEPR Discussion Papers 17866, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:17866
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    More about this item

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets

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