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Information Costs, Duration of Search and Turnover: Theory and Applications

Wilde, Louis L. (1980) Information Costs, Duration of Search and Turnover: Theory and Applications. Social Science Working Paper, 306. California Institute of Technology , Pasadena, CA. (Unpublished)

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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.

Item Type:Report or Paper (Working Paper)
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URLURL TypeDescription version published in Journal of Political Economy ItemPublished Article
Alternate Title:More on Inspection and Evaluation in Product Markets
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Information:This paper is a substantially revised version of "More on Inspection and Evaluation in Product Markets," unpublished manuscript, California Institute of Technology, 1978.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.
Group:Social Science Working Papers
Subject Keywords:Cost efficiency, Utilities costs, Optimal strategies, Utility rates, Pricing strategies, Consumer prices, Consumer economics, Labor markets, Expected values, Optimal policy
Series Name:Social Science Working Paper
Issue or Number:306
Record Number:CaltechAUTHORS:20171012-164702777
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82334
Deposited By: Jacquelyn Bussone
Deposited On:16 Oct 2017 17:35
Last Modified:15 Nov 2021 19:49

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