Download or read book The Sequential Search Model written by Raluca Ursu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide a detailed overview of the empirical implementation of the sequential search model proposed by Weitzman (1979). We discuss the assumptions underlying the model, the identifica-tion of search cost and preference parameters, the necessary normalizations of utility parameters, counterfactuals that require a search model framework, and different estimation approaches. The goal of this paper is to consolidate knowledge and provide a unified treatment of various aspects of sequential search models that are relevant for empirical work.
Download or read book A Sequential Search Model with Partial Depth Evaluation written by Yuxin Chen and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Estimation of Sequential Search Model written by Jae Hyen Chung and published by . This book was released on 2019 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a new likelihood-based estimation method for the sequential search model. By allowing search costs to be heterogeneous across consumers and products, we can directly compute the joint probability of the search sequence and the purchase decision when consumers are searching for the idiosyncratic preference shocks in their utility functions. Under this procedure, one recursively makes random draws for each dimension that requires numerical integration to simulate the probabilities associated with the purchase decision and the search sequence under the sequential search algorithm. We then present details from an extensive simulation study that compares the proposed approach with existing estimation methods recently used for sequential search model estimation, viz., the kernel-smoothed frequency simulator (KSFS) and the crude frequency simulator (CFS). In the empirical application, we apply the proposed method to the Expedia dataset from Kaggle which has previously been analyzed using the KSFS estimator and the assumption of homogeneous search costs. We demonstrate that the proposed method has a better predictive performance associated with differences in the estimated effects of various drivers of clicks and purchases, and highlight the importance of the heterogeneous search costs assumption even when KSFS is used to estimate the sequential search model. Lastly, from a managerial perspective, we show that sorting products by their expected utilities can enhance consumer welfare and increase the number of transactions.
Download or read book The Economics of Search written by Brian McCall and published by Routledge. This book was released on 2007-12-20 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economics of search is a prominent component of economic theory, and it has a richness and elegance that underpins a host of practical applications. In this book Brian and John McCall present a comprehensive overview of the economic theory of search, from the classical model of job search formulated 40 years ago to the recent developments in equilibrium models of search. The book gives decision-theoretic foundations to seemingly slippery issues in labour market theory, estimation theory and economic dynamics in general, and surveys the entire field of the economics of search, including its history, theory, and econometric applications. Theoretical models of the economics of search are covered as well as estimation methods used in search theory and topics covered include job search, turnover, unemployment, liquidity, house selling, real options and auctions. The mathematical methods used in search theory such as dynamic programming are reviewed as well as structural estimation methods and econometric methods for duration models. The authors also explore the classic sequential search model and its extensions in addition to recent advances in equilibrium search theory.
Download or read book Simulated Maximum Likelihood Estimation of the Sequential Search Model written by Jae Hyen Chung and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors propose a new approach to simulate the likelihood of the sequential search model. By allowing search costs to be heterogeneous across consumers and products, the authors directly compute the joint probability of the search and purchase decision when consumers are searching for the idiosyncratic preference shocks in their utility functions. Under the assumptions of Weitzman's sequential search algorithm, the proposed procedure recursively makes random draws for each quantity that requires numerical integration in order to compute the joint probabilities of consumers' search and purchase decisions. In an extensive simulation study, the proposed method is compared with existing likelihood simulators that have recently been used to estimate the sequential search model. In addition, the proposed method recovers the consumers' relative preferences even if the utility function and/or the search cost distribution is mis-specified. The proposed method is then applied to online search data from Expedia for field-data validation. The more precise estimation of the model parameters and the improved prediction accuracy of the proposed approach stem from attributing researcher uncertainty in the search order to the consumer-product-level distribution of search costs and the randomness in the choice decision to the distribution of match values across consumers and products. From a substantive perspective, the authors find that search costs and "position" effects affect products in the lower part of the product listing page that are searched; more than they do those in the upper part of the page.
Download or read book Intermediate Microeconomics with Microsoft Excel written by Humberto Barreto and published by Cambridge University Press. This book was released on 2009-06-15 with total page 593 pages. Available in PDF, EPUB and Kindle. Book excerpt: This unique text uses Microsoft Excel® workbooks to instruct students. In addition to explaining fundamental concepts in microeconomic theory, readers acquire a great deal of sophisticated Excel skills and gain the practical mathematics needed to succeed in advanced courses. In addition to the innovative pedagogical approach, the book features explicitly repeated use of a single central methodology, the economic approach. Students learn how economists think and how to think like an economist. With concrete, numerical examples and novel, engaging applications, interest for readers remains high as live graphs and data respond to manipulation by the user. Finally, clear writing and active learning are features sure to appeal to modern practitioners and their students. The website accompanying the text is found at www.depauw.edu/learn/microexcel.
Download or read book Investment Decisions on Illiquid Assets written by Jaroslaw Morawski and published by Springer Science & Business Media. This book was released on 2009-02-14 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: Jaroslaw Morawski offers a practicable and theoretically well-founded solution to the problems encountered when investing in illiquid assets and develops a model of the liquidation process for this category of investments. The result is a coherent investment decision framework designed specifically for private real estate but applicable also to other illiquid assets.
Download or read book Search Theory and Unemployment written by Stephen A. Woodbury and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Search Theory and Unemployment contains nine chapters that survey and extend the theory of job search and its application to the problem of unemployment. The volume ranges from surveys of job search theory that take microeconomic and macroeconomic perspectives to original theoretical contributions which focus on the externalities arising from non-sequential search and search under imperfect information. It includes a clear and authoritative survey of econometric methods that have been developed to estimate models of job search, as well as two lucid contributions to the empirical search literature. Finally, it includes a study that reviews and extends the literature on optimal unemployment insurance and concludes with an appraisal of the influence of search theory on the thinking of macroeconomic policymakers.
Download or read book Strategies for Sequential Search and Selection in Real Time written by F. Thomas Bruss and published by American Mathematical Soc.. This book was released on 1992 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume contains the proceedings of the MS-IMS-SIAM Joint Summer Research Conference on Strategies for Sequential Search and Selection in Real Time, held in June 1990 at the University of Massachusetts at Amherst. The conference focused on problems related to sequential observation of random variables and selection of actions in real time. This book will provide readers with a feeling for the breadth and depth of contemporary research in these areas.
Download or read book Search Models and Applied Labor Economics written by Nicholas M. Kiefer and published by Cambridge University Press. This book was released on 1989-02-24 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers marks the development of empirical application of the search approach to labor economics--an approach which arose as a theoretical development of the 1960s and led to numerous insights in the 1970s. The search approach naturally incorporates uncertainty in the economic model, making up some of the early work in what is now called "the economics of information." Included are econometric issues such as estimation and specification of search models for wages and unemployment duration, continuous time models of turnover, and identification of structural parameters. Applications to policy questions including Unemployment Insurance and wage subsidy programs are given, and data collection issues are discussed within the search framework.
Download or read book Handbook of the Economics of Marketing written by and published by Elsevier. This book was released on 2019-09-19 with total page 634 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of the Economics of Marketing, Volume One: Marketing and Economics mixes empirical work in industrial organization with quantitative marketing tools, presenting tactics that help researchers tackle problems with a balance of intuition and skepticism. It offers critical perspectives on theoretical work within economics, delivering a comprehensive, critical, up-to-date, and accessible review of the field that has always been missing. This literature summary of research at the intersection of economics and marketing is written by, and for, economists, and the book's authors share a belief in analytical and integrated approaches to marketing, emphasizing data-driven, result-oriented, pragmatic strategies. - Helps academic and non-academic economists understand recent, rapid changes in the economics of marketing - Designed for economists already convinced of the benefits of applying economics tools to marketing - Written for those who wish to become quickly acquainted with the integration of marketing and economics
Download or read book The Economics of Tourism Destinations written by Guido Candela and published by Springer Science & Business Media. This book was released on 2012-06-30 with total page 626 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book aims at providing an overview of the main economic issues related to tourism activities. While tourism is an important sector, contributing to more than 10% of the European Union’s GDP, research and teaching at the university level has only recently grown to a considerable level, and the field still lacks a firm research methodology. This book approaches tourism economics as an applied field of study in which tourism markets are represented as imperfect markets, with asymmetric and incomplete information among agents, bounded rationality, and with a strong presence of externalities and public goods. The economic issues studied in the book are approached both intuitively, largely using examples and case studies, and formally, with mathematical formalizations in text boxes.
Download or read book Structural Econometric Modeling in Industrial Organization and Quantitative Marketing written by Ali Hortaçsu and published by Princeton University Press. This book was released on 2023-10-24 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Within economics a relatively new way of modeling has dominated important subfields: structural modeling. The goal of this book is to give an overview on how the various streams of literatures in empirical industrial organization and quantitative marketing use structural econometric modeling to estimate the model parameters, give the economic-model-based predictions, and conduct the policy counterfactual experiments. The traditional way of modelling, called "reduced-form" builds its models from simple relationships between variables of interests, which are mostly linear. Structural econometric models start by specifying the structure of the economic model, and the variables are calibrated from real-world data. This method enables better predictions and policy counterfactuals, and has other benefits. When considering a hypothetical policy change using the traditional modeling method ("reduced form"), researchers can often only estimate whether an effect would be positive or negative. With a structural econometric model using real-world data, a researcher can obtain the magnitude of the effects resulting from a hypothetical change. But the ability of quantifying the effects associated with a hypothetical policy change comes with its costs: the nonlinearity from explicitly specifying the possible relationships makes the structural econometric approach generally much more difficult to implement than its reduced-form counterpart. Therefore this book will provide a much-needed resource on how to use these methods effectively in the fields in which they been used the most, empirical industrial organization and quantitative marketing"--
Download or read book A Guide to Modern Economics written by Michael Bleaney and published by Routledge. This book was released on 1996-07-04 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work provides a valuable review of the most important developments in economic theory and application over the last decade. Comprising twenty-seven specially commissioned overviews, the volume presents a comprehensive and student-friendly guide to contemporary economics. Previously published by Routledge as part of the Companion to Contemporary Economic Thought, these essays are made available here for the first time in a concise paperback edition. A Guide to Modern Economics will be a valuable guide to all those who wish to familiarize themselves with the most recent developments in the discipline.
Download or read book Handbook of Child Psychology and Developmental Science Theory and Method written by and published by John Wiley & Sons. This book was released on 2015-03-31 with total page 915 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential reference for human development theory, updated and reconceptualized The Handbook of Child Psychology and Developmental Science, a four-volume reference, is the field-defining work to which all others are compared. First published in 1946, and now in its Seventh Edition, the Handbook has long been considered the definitive guide to the field of developmental science. Volume 1, Theory and Method, presents a rich mix of classic and contemporary theoretical perspectives, but the dominant views throughout are marked by an emphasis on the dynamic interplay of all facets of the developmental system across the life span, incorporating the range of biological, cognitive, emotional, social, cultural, and ecological levels of analysis. Examples of the theoretical approaches discussed in the volume include those pertinent to human evolution, self regulation, the development of dynamic skills, and positive youth development. The research, methodological, and applied implications of the theoretical models discussed in the volume are presented. Understand the contributions of biology, person, and context to development within the embodied ecological system Discover the relations among individual, the social world, culture, and history that constitute human development Examine the methods of dynamic, developmental research Learn person-oriented methodological approaches to assessing developmental change The scholarship within this volume and, as well, across the four volumes of this edition, illustrate that developmental science is in the midst of a very exciting period. There is a paradigm shift that involves increasingly greater understanding of how to describe, explain, and optimize the course of human life for diverse individuals living within diverse contexts. This Handbook is the definitive reference for educators, policy-makers, researchers, students, and practitioners in human development, psychology, sociology, anthropology, and neuroscience.
Download or read book Handbook of Implicit Social Cognition written by Bertram Gawronski and published by Guilford Press. This book was released on 2011-07-06 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: Virtually every question in social psychology is currently being shaped by the concepts and methods of implicit social cognition. This tightly edited volume provides the first comprehensive overview of the field. Foremost authorities synthesize the latest findings on how automatic, implicit, and unconscious cognitive processes influence social judgments and behavior. Cutting-edge theories and data are presented in such crucial areas as attitudes, prejudice and stereotyping, self-esteem, self-concepts, close relationships, and morality. Describing state-of-the-art measurement procedures and research designs, the book discusses promising applications in clinical, forensic, and other real-world contexts. Each chapter both sums up what is known and identifies key directions for future research.
Download or read book Agent Mediated Electronic Commerce VI written by Peyman Faratin and published by Springer. This book was released on 2006-02-14 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book constitutes the thoroughly refereed post-proceedings of the 6th International Workshop on Agent-Mediated Electronic Commerce, AMEC 2006, held in New York, NY, USA in July 2004 as part of AAMAS 2004. The 15 revised full papers presented were carefully selected from 39 submissions during two rounds of reviewing and revision. The papers bring together novel work from such diverse fields as Computer Science, Operations Research, Artificial Intelligence and Distributed Systems that focus on modeling, implementation and evaluation of computational trading institution and/or agent strategies over a diverse set of goods. They are organized in topical sections on mechanism design, trading agents, and tools.
