Journal
ECONOMICS LETTERS
Volume 67, Issue 3, Pages 309-314Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/S0165-1765(99)00282-7
Keywords
search; elasticity; hazard rate
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This paper investigates the demand elasticity of search. We provide a new characterization of monotone hazard rate and of the first-order condition determining the optimal reservation price, and prove that the demand for information is elastic if the hazard rate function h for the distribution of offers is decreasing and inelastic if h is increasing. (C) 2000 Elsevier Science S.A. All rights reserved.
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