Dynamic selection and distributional bounds on search costs in dynamic unit‐demand models
动态单位需求模型中的动态选择与搜寻成本分布界限
This paper develops a dynamic model of consumer search that, despite placing very little structure on the dynamic problem faced by consumers, allows us to exploit intertemporal variation in price distributions to estimate the distribution from which consumer search costs are initially drawn. We show that static approaches to estimating this distribution may suffer from dynamic sample selection bias. This can happen if consumers are forward‐looking and delay their purchases…