Optimal selection and ordering strategies in the consumer search and purchase process

Document Type

Conference Proceeding

Publication Date

12-1-1996

Abstract

In the context of the group interview problem, we first derive the optimal search strategy for buyers that maximizes the probability of successfully selecting the best product or service. We also examine the optimal sequence of search for buyers. Then we consider the seller's problems of estimating the market share of an existing store and determining the size and location of a new store, assuming that buyers follow the optimal search and sequencing strategies.

Publication Source (Journal or Book title)

Proceedings Annual Meeting of the Decision Sciences Institute

First Page

963

Last Page

965

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