Sequential search with a price freeze option: theory and experimental evidence

IF 1.7 3区经济学 Q2 ECONOMICS Experimental Economics Pub Date : 2024-08-03 DOI:10.1007/s10683-024-09839-9

Emanuel Marcu, Charles N. Noussair

引用次数: 0

Abstract

We introduce price freeze options into a model of sequential search. The model’s predictions are tested in a laboratory experiment. The experiment varies (1) whether freezing is possible or not, (2) the cost of freezing, and (3) the time horizon. Overall, the observed treatment effects are consistent with the predictions of our model. Assuming that individuals experience regret, fail to ignore sunk search costs, misperceive the number of periods remaining, or are risk-averse, does not improve upon the performance of the model. Our results support the use of the assumption of optimal search behavior in theoretical and empirical studies.

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价格冻结期权的顺序搜索：理论与实验证据

我们在一个顺序搜索模型中引入了价格冻结选项。该模型的预测结果在实验室实验中得到验证。实验中，(1) 冻结与否、(2) 冻结成本和 (3) 时间跨度都会发生变化。总体而言，观察到的处理效果与我们模型的预测是一致的。假设个体经历了后悔、没有忽略沉没搜索成本、错误地理解了剩余期数，或者是风险规避者，都不会改善模型的表现。我们的结果支持在理论和实证研究中使用最优搜索行为假设。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Experimental Economics ECONOMICS-

CiteScore

4.10

自引率

8.70%

发文量

期刊介绍： Experimental methods are uniquely suited to the study of many phenomena that have been difficult to observe directly in naturally occurring economic contexts. For example, the ability to induce preferences and control information structures makes it possible to isolate the effects of alternate economic structures, policies, and market institutions.Experimental Economics is an international journal that serves the growing group of economists around the world who use experimental methods. The journal invites high-quality papers in any area of experimental research in economics and related fields (i.e. accounting, finance, political science, and the psychology of decision making). State-of-the-art theoretical work and econometric work that is motivated by experimental data is also encouraged. The journal will also consider articles with a primary focus on methodology or replication of controversial findings. We welcome experiments conducted in either the laboratory or in the field. The relevant data can be decisions or non-choice data such as physiological measurements. However, we only consider studies that do not employ deception of participants and in which participants are incentivized. Experimental Economics is structured to promote experimental economics by bringing together innovative research that meets professional standards of experimental method, but without editorial bias towards specific orientations. All papers will be reviewed through the standard, anonymous-referee procedure and all accepted manuscripts will be subject to the approval of two editors. Authors must submit the instructions that participants in their study received at the time of submission of their manuscript. Authors are expected to submit separate data appendices which will be attached to the journal''s web page upon publication. Officially cited as: Exp Econ

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