An Experimental Examination of the Economics of Information
Bibliographic Data
| ID | 2192242 |
|---|---|
| Authors | Joel E Urbany (The Ohio State University, corresponding author) |
| Year | 1986 |
| Volume | 13 |
| Issue | 2 |
| Pages | 257 |
| Publication date | 1986-09-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Consumer Research (JOURNAL) |
| Journal identifiers | ISSN: 0093-5301 • E-ISSN: 1537-5277 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1086/209065 |
| OpenAlex | W2092021919 |
| Language | EN |
| Citations received | 26 |
| References cited | 10 |
This article presents an experimental test of propositions that come from Stigler's classic economics of information theory. It reviews previous empirical evidence for the propositions and discusses the mixed support provided for the theory. It also discusses a major assumption of the theory and presents hypotheses that suggest that the propositions are not as universal as has been thought. The results indicate that buyers with more certain beliefs about retailer-price images search less and are less responsive to changes in the costs and benefits of search than buyers with less certain beliefs. Finally, the article discusses the implications of the results for both economies and marketing. I na seminal work published in 1961, George Stigler argued that buyer information search behavior could have an important impact on the competitive price structure of markets. Stigler's model has been revised (Rothschild 1974; Salop and Stiglitz 1977; Wilde and Schwartz 1979), but its basic thrust is still intact. His primary contribution lies in recognizing that not all buyers will be perfectly informed about marketplace alternatives because individual buyers place different values on the costs of and returns from search. Researchers in marketing have cited Stigler's eco-nomics of information (EOI) framework regularly, using it as an intuitive description of consumer search be
Business · Economics · Empirical research · Epistemology · Experimental economics · Information economics · Microeconomics · Positive economics · Test (biology) · Art History and Market Analysis · Consumer Market Behavior and Pricing · Digital Platforms and Economics · Marketing
Network Analysis of Navigation Paths of Tourists’ Trip Planning and Power Structure of the Online Tourism in China
Making Inferences About Missing Information
The Effect of Prior Knowledge on Price Acceptability and the Type of Information Examined
An Empirical Test of a Model of External Search for Automobiles
A Consumer-Side Experimental Examination of Signaling Theory
The Value of Time Spent in Price-Comparison Shopping
Search Monitor
Consumer Skepticism of Advertising Claims
Consumer Preference for a No-Choice Option
Searching Ordered Sets
Switching barriers and repurchase intentions in services
Understanding the mediating effect of switching costs on service value, quality, satisfaction, and loyalty
Consumers' search behaviour for GM food information
Food health claims – What consumers understand
The Impact of Brand Relationship and Attributions on Passenger Response to Service Failure
A Model of Tourist Information Search Behavior
Gender differences in online travel information search
The effect of uncertainty avoidance on information search, planning, and purchases of international travel vacations
Price knowledge and search behavior for habitual, low involvement food purchases
Diagnosing the search cost effect
Purchase deadline as a moderator of the effects of price uncertainty on search duration
Economics of information and heterogeneous products
Effects of base price upon search behavior of consumers in a supermarket
An Integrative Model of Tourists’ Information Search Behavior
Probability-Based Models of Spatial Search
A Consumer Perspective on Price-Matching Refund Policies
Conflict and conceptual structure as determinants of decision-making behavior1
Searching for the Lowest Price When the Distribution of Prices Is Unknown
Individual Differences in Search Behavior for a Nondurable
Price Search in a Product Market
Warranty and Other Extrinsic Cue Effects on Consumers' Risk Perceptions
A Typology of Individual Search Strategies Among Purchasers of New Automobiles
A Taxonomy of Prepurchase Information Gathering Patterns
Consumer Search and Public Policy
Determinants for Search of Lower Prices
A Model of Consumer Information Search Behavior for New Automobiles
| Unique citing works | 26 |
|---|---|
| Citations per year | 0,68 |
| Citation span | 1988 - 2023 (36) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 16 |