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Consumer Search Behavior and Its Effect on Markets

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  • Ratchford, Brian T.

Abstract

The purpose of this review is to provide an overview of various literatures related to consumer search for information, and its effect on markets. Normative models of consumer search prior to purchase, and of consumer search through experience, are reviewed first. Models of consumer consideration set formation are also outlined. These models are generally based on consumers balancing the costs and benefits of search, which implies that search should be limited if it is costly. The extensive empirical literature on consumer search, which is reviewed next, does indicate that search is limited. The third major section of this review discusses the effect of search on market equilibrium, and market forces related to the supply of information. These include models of how advertising, retailing, and the Internet become organized to facilitate consumer search. The review concludes with a discussion of overall findings and suggestions for further research.

Suggested Citation

  • Ratchford, Brian T., 2009. "Consumer Search Behavior and Its Effect on Markets," Foundations and Trends(R) in Marketing, now publishers, vol. 3(1), pages 1-74, March.
    • Handle: RePEc:now:fntmkt:1700000012
    DOI: 10.1561/1700000012
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    Cited by:

    1. Anocha Aribarg & Thomas Otter & Daniel Zantedeschi & Greg M. Allenby & Taylor Bentley & David J. Curry & Marc Dotson & Ty Henderson & Elisabeth Honka & Rajeev Kohli & Kamel Jedidi & Stephan Seiler & X, 2018. "Advancing Non-compensatory Choice Models in Marketing," Customer Needs and Solutions, Springer;Institute for Sustainable Innovation and Growth (iSIG), vol. 5(1), pages 82-92, March.
    2. Yuanfang Lin & Amit Pazgal, 2016. "Hide Supremacy or Admit Inferiority—Market Entry Strategies in Response to Consumer Informational Needs," Customer Needs and Solutions, Springer;Institute for Sustainable Innovation and Growth (iSIG), vol. 3(2), pages 94-103, June.
    3. Jang, Sungha & Prasad, Ashutosh & Ratchford, Brian T., 2017. "Consumer Search of Multiple Information Sources and its Impact on Consumer Price Satisfaction," Journal of Interactive Marketing, Elsevier, vol. 40(C), pages 24-40.
    4. Xuan Teng, 2022. "Self-Preferencing, Quality Provision, and Welfare in Mobile Application Markets," CESifo Working Paper Series 10042, CESifo.
    5. Juncai Jiang & Nanda Kumar & Brian T. Ratchford, 2017. "Price-Matching Guarantees with Endogenous Consumer Search," Management Science, INFORMS, vol. 63(10), pages 3489-3513, October.

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