1. This article examines the search strategies used by consumers when faced with uncertain prices of substitute products.
2. It identifies search methods (simultaneous or sequential) based on consumer consideration sets, prices of considered substitutes, and data from the overall market price distribution.
3. The article uses consumer shopping behavior data from the US auto insurance industry to show that consumers' actual price patterns in consideration sets are consistent with simultaneous searching.
The article is generally reliable and trustworthy, as it provides a detailed analysis of how consumers use search strategies when faced with uncertain prices of substitute products. The article also provides evidence for its claims by using consumer shopping behavior data from the US auto insurance industry to demonstrate that consumers' actual price patterns in consideration sets are consistent with simultaneous searching. Furthermore, the article provides a new estimation method for sequential search models using such data.
However, there are some potential biases in the article which should be noted. For example, the article does not explore any counterarguments to its claims or present both sides equally; instead it focuses solely on demonstrating that simultaneous searching is more effective than sequential searching. Additionally, there is no mention of possible risks associated with this type of search strategy, such as increased costs or time spent researching options. Finally, while the article does provide a link to supplementary material at http://dx.doi.org/10.1287/mksc.2016.0995 , it does not provide any further information about this material or how it relates to the claims made in the article itself.