Testing Models of Consumer Search Using Data on Web Browsing and Purchasing Behavior

作者：Babur De los Santos, Alı Hortaçsu, Matthijs R. Wildenbeest · 发表于：American Economic Review · 年份：2012 · DOI：10.1257/aer.102.6.2955 · 被引用次数：465 · 研究领域：Consumer Market Behavior and Pricing、Digital Platforms and Economics、Auction Theory and Applications

Using a large dataset on web browsing and purchasing behavior we test to what extent consumers are searching in accordance to various search models. We find that the benchmark model of sequential search with a known price distribution can be rejected based on recall patterns found in the data as well as the absence of dependence of search decisions on prices. Our findings suggest fixed sample size search provides a more accurate description of search behavior. We then utilize the fixed sample size search model to estimate demand elasticities of online bookstores in an environment where store preferences are heterogeneous. (JEL D12, D83, L81)