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Stigler observed that search (except for infrequent one-off purchases) was a dynamic process and that search in one period depended to an extent on previous
- Stigler observed that search (except for infrequent one-off purchases) was a dynamic process and that search in one period depended to an extent on previous results. Which factors do not have a significant effect on the relative levels of successive search efforts?
- The correlation of the relative prices offered by sellers over time.
- The size of the purchase relative to buyer income
- The time interval between purchases
- The degree of goodwill felt toward a seller which reduces the incentive to "shop"
- All of the above have an effect
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