Reducing buyer search costs: implications for electronic marketplaces
Management Science - Special issue: Frontier research on information systems and economics
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Humans and software agents alike spend considerable time and effort in searching. Search enables finding the things that better fit and agent's goals. But search can also be a costly process. Search costs can either come in the form of direct monetary payments, or in the form of time and resources spent. In general, the searcher must balance between the benefits provided by longer and broader search, on the one hand, and the associated increased cost, on the other.