Published December 1981
| Published
Journal Article
Open
Information costs, duration of search, and turnover: Theory and applications
- Creators
- Wilde, Louis L.
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
© 1981 University of Chicago Press. This paper is a substantially revised version of "Further Results on Inspection and Evaluation in Product Markets" (unpublished manuscript, California Institute of Technology, February 1978). I would like to thank Steve Lippman and Alan Schwartz for very helpful comments on an earlier draft. Comparative statics results are proved in an Appendix which is available from the author (California institute of Technology, Social Science Working paper no. 306, January 1980). Formerly SSWP 306.Attached Files
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- Eprint ID
- 83354
- Resolver ID
- CaltechAUTHORS:20171120-141638744
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