Variance Neglect in Consumer Search

Normative models of consumer price prescribe more search when price dispersion is greater. In contrast to normative prescriptions, we find consumers spend more time searching when prices are less disperse. Consumers also spend more time searching when prices are higher, a factor that normatively should not influence search persistence.


Nicholas Reinholtz, Daniel Bartels, Jonathan Levav, and Oded Netzer (2017) ,"Variance Neglect in Consumer Search", in NA - Advances in Consumer Research Volume 45, eds. Ayelet Gneezy, Vladas Griskevicius, and Patti Williams, Duluth, MN : Association for Consumer Research, Pages: 96-100.


Nicholas Reinholtz, University of Colorado, USA
Daniel Bartels, University of Chicago, USA
Jonathan Levav, Stanford University, USA
Oded Netzer, Columbia University, USA


NA - Advances in Consumer Research Volume 45 | 2017

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