Learning while shopping: an experimental investigation into the effect of learning on consumer search.
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ABSTRACT:
SUBMITTER: Casner B
PROVIDER: S-EPMC7281701 | biostudies-literature | 2020 Jun
REPOSITORIES: biostudies-literature
Publications
Learning while shopping: an experimental investigation into the effect of learning on consumer search.
Experimental economics 20200609 1
In many search environments, searchers are learning about the distribution of offers in the market. I conduct an experiment exploring a broad class of search problems with learning about the distribution of payoffs. My results support the prediction that learning results in declining reservation values, providing evidence that learning may be an explanation for recall. Theory predicts a "one step" reservation value strategy, but many subjects instead choose to set a high reservation value in ord ...[more]
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