Advertising, the matchmaker
研究了广告在帮助消费者匹配产品时的信息作用，发现广告曝光可能降低消费者选择非最优产品的概率约10%，对产品多样化和水平差异化的行业有启示。
We empirically study the informational role of advertising in matching consumers with products when consumers are uncertain about both observable and unobserved program attributes. Our focus is on the network television industry, in which the products are television shows. We estimate a model that allows us to distinguish between the direct effect of advertising on utility and its effect through the information set. A notable behavioral implication is that exposure to informational advertising can decrease the consumer’s tendency to purchase the promoted product. The structural estimates imply that an exposure to a single advertisement decreases the consumer’s probability of not choosing her best alternative by approximately 10%. Our results are relevant for industries characterized by product proliferation and horizontal differentiation.