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Information costs, duration of search, and turnover: Theory and applications

Wilde, Louis L. (1981) Information costs, duration of search, and turnover: Theory and applications. Journal of Political Economy, 89 (6). pp. 1122-1141. ISSN 0022-3808. doi:10.1086/261025. https://resolver.caltech.edu/CaltechAUTHORS:20171120-141638744

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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.


Item Type:Article
Related URLs:
URLURL TypeDescription
http://dx.doi.org/10.1086/261025DOIArticle
http://www.journals.uchicago.edu/doi/10.1086/261025PublisherArticle
http://resolver.caltech.edu/CaltechAUTHORS:20171012-164702777Related ItemSSWP 306
https://www.jstor.org/stable/1837186JSTORArticle
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 This paper is a substantially revised version of "Further Results on Inspection and Evaluation in Product Markets" (unpublished manuscript, California Institute of Technology, February 1978).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.
Issue or Number:6
DOI:10.1086/261025
Record Number:CaltechAUTHORS:20171120-141638744
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20171120-141638744
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83354
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:20 Nov 2017 22:44
Last Modified:15 Nov 2021 19:57

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