Published January 1980
| Submitted
Working Paper
Open
Information Costs, Duration of Search and Turnover: Theory and Applications
- Creators
- Wilde, Louis L.
Chicago
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Abstract
This paper uses a formal model of search over multiattribute alternatives, analyzed in a product market setting, to investigate the theoretical foundations of the empirical literature on duration of search and turnover in product markets, labor markets, and marriage markets. A number of specific empirical predictions are also derived. In particular, whether "quality" is a "search" attribute or an "experience" attribute is related to the cost of search, the cost of inspection, the price of the good, and certain properties of the market distribution of price and quality.
Additional Information
This paper is a substantially revised version of "More on Inspection and Evaluation in Product Markets," unpublished manuscript, California Institute of Technology, 1978. I would like to thank Steve Lippman and Alan Schwartz for very helpful comments on an earlier draft. Published as Wilde, Louis L. "Information costs, duration of search, and turnover: Theory and applications." Journal of Political Economy 89.6 (1981): 1122-1141.Attached Files
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Additional details
- Alternative title
- More on Inspection and Evaluation in Product Markets
- Eprint ID
- 82334
- DOI
- 10.1086/261025
- Resolver ID
- CaltechAUTHORS:20171012-164702777
- Created
-
2017-10-16Created from EPrint's datestamp field
- Updated
-
2021-11-15Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 306