| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17399 |
| DP17399 Search Costs and Diminishing Sensitivity | |
| Heiko Karle; Florian Kerzenmacher; Heiner Schumacher; Frank Verboven | |
| 发表日期 | 2022-06-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Empirical search cost estimates tend to increase in the size of the transaction, even if search can be done conveniently online. To assess this pattern systematically, we conduct an online search experiment in which we manipulate the price scale while keeping the physical search effort for each price quote constant. Based on a standard search model, we confirm that search cost estimates indeed increase considerably in the price scale. We then modify the search model to allow for diminishing sensitivity, i.e., the tendency that people become less sensitive to price variations of fixed size when the price of the good increases. With the modified model, we find substantial degrees of diminishing sensitivity and obtain search cost estimates that are scale-independent. We show that these search cost estimates correspond well to subjects’ true opportunity costs of time and that the welfare loss from diminishing sensitivity can be quite substantial. |
| 主题 | Industrial Organization |
| 关键词 | Consumer search Diminishing sensitivity Search costs |
| URL | https://cepr.org/publications/dp17399 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546467 |
| 推荐引用方式 GB/T 7714 | Heiko Karle,Florian Kerzenmacher,Heiner Schumacher,et al. DP17399 Search Costs and Diminishing Sensitivity. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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