Price Uncertainty and Consumer Search: A Structural Model of Consideration Set Formation
Abstract
We offer an econometric framework that models consumer's null set formation as an outcome of her costly information search behavior. Because frequently purchased products are characterized by frequent price promotions of varying depths of discounts, a consumer faces significant uncertainty about the prices of the brands. The consumers engage in a fixed-sample search strategy that results in their discovering the posted prices of a subset of the...
Paper Details
Title
Price Uncertainty and Consumer Search: A Structural Model of Consideration Set Formation
Published Date
Feb 1, 2003
Journal
Volume
22
Issue
1
Pages
58 - 84
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