Search Costs and Context Effects
通过在线搜索实验，发现标准模型估计的搜索成本随价格规模增大而增大，但引入价格情境效应后，估计值变得与规模无关且接近被试的时间机会成本。
Empirical search cost estimates are often large and increasing in the size of the transaction. We conduct an online search experiment in which we manipulate the price scale while keeping the physical search effort per price quote constant. Additionally, we obtain a direct measure of subjects’ opportunity costs of time. Using a standard search model, we confirm that search cost estimates are large and increasing in the price scale. We then modify the model to incorporate context effects with respect to prices. This results in search cost estimates that are scale independent and correspond well to subjects’ opportunity costs of time.