Sequential Search with Incompletely Informed Consumers : Theory and Evidence from Retail Gasoline Markets

@inproceedings{Janssen2009SequentialSW,
  title={Sequential Search with Incompletely Informed Consumers : Theory and Evidence from Retail Gasoline Markets},
  author={Maarten Janssen and Paul Pichler and Simon Weidenholzer},
  year={2009}
}
A large variety of markets, such as retail markets for gasoline or mortgage markets, are characterized by a small number of firms offering a fairly homogenous product at virtually the same cost, while consumers, being uninformed about this cost, sequentially search for low prices. The present paper provides a theoretical examination of this type of market, and confronts the theory with data on retail gasoline prices. We develop a sequential search model with incomplete information and… CONTINUE READING

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