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Uncertainty and Shopping Behaviour: An Experimental Analysis

Grether, David M. and Schwartz, Alan and Wilde, Louis L. (1988) Uncertainty and Shopping Behaviour: An Experimental Analysis. Review of Economic Studies, 55 (2). pp. 323-342. ISSN 0034-6527. doi:10.2307/2297584.

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This paper reports experimental tests of three search equilibrium models. These models which differ only in the search strategies available to the buyers have qualitatively different predictions, that is, equilibria: price distributions, single price equilibria at the competitive price and at the monopoly price and two price equilibria. The experimental outcomes generally were consistent with the models' predictions. This suggests that debate on the utility of this class of models should shift to the realism of the models' assumptions rather than focus on their ability to characterize market outcomes. Also, since the basic models have been validated, the project of analysing experimentally the results of relaxing some of their assumptions seems worthwhile.

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Additional Information:© 1988 The Society for Economic Analysis Limited. Received: 01 June 1984; Accepted: 01 July 1987; Published: 01 April 1988.
Issue or Number:2
Record Number:CaltechAUTHORS:20171002-105802081
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Official Citation:David M. Grether, Alan Schwartz, Louis L. Wilde; Uncertainty and Shopping Behaviour: An Experimental Analysis, The Review of Economic Studies, Volume 55, Issue 2, 1 April 1988, Pages 323–342,
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81947
Deposited By: Tony Diaz
Deposited On:02 Oct 2017 18:05
Last Modified:15 Nov 2021 19:47

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