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Buying Online: Sequential Decision Making by Shopbot Visitors

Uwe Dulleck, Franz Hackl (), Bernhard Weiss and Rudolf Winter-Ebmer
Additional contact information
Bernhard Weiss: Department of Economics, University of Linz, Linz, Austria

No 225, Economics Series from Institute for Advanced Studies

Abstract: In this article we propose a two stage procedure to model demand decisions by customers who are balancing several dimensions of a product. We then test our procedure by analyzing the behavior of buyers from an Austrian price comparison site. Although in such a market a consumer will typically search for the cheapest price for a given product, reliability and service of the supplier are other important characteristics of a retailer. In our data, consumers follow such a two stage procedure: they select a shortlist of suppliers by using the price variable only; finally, they trade off reliability and price among these shortlisted suppliers.

Keywords: E-commerce; price comparison; decision theory; heuristics; seller reputation (search for similar items in EconPapers)
JEL-codes: D83 L81 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2008-09
New Economics Papers: this item is included in nep-mic and nep-mkt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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https://irihs.ihs.ac.at/id/eprint/1855 First version, 2008 (application/pdf)

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Working Paper: Buying Online: Sequential Decision Making by Shopbot Visitors (2008) Downloads
Working Paper: Buying Online: Sequential Decision Making by Shopbot Visitors (2008) Downloads
Working Paper: Buying Online: Sequential Decision Making by Shopbot Visitors (2008) Downloads
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