Consumer Search with Uncertain Product Quality
构建了一个统一模型,研究当价格和品质都不确定时消费者的搜索行为,发现传统的保留价格规则可能不再最优,最优停止集有多种更现实的形态。
This paper presents a unified model of consumer search when both prices and qualities are uncertain. It is assumed that price can be observed prior to purchase but that quality can be observed only after purchase and experience. This two-stage decision problem is of particular interest since, in practice, there is usually some connection between quality and price. Of the many interesting implications of this dependence explored in this paper is the result that the usual "reservation-price rule" may no longer be optimal; indeed, the optimal stopping set may take one of several alternative (and more realistic) forms.