This paper presents a methodology for estimating a sequential model of online consumer search. The literature on such structural econometric models typically assumes that, for each alternative, there is only one stage of optimal information acquisition. For many e-commerce websites, however, there are two stages: obtaining information from (1) the search results page and (2) clicking on an alternative. We develop a methodology for estimating a model with two stages, in which the consumer makes optimal decisions in each stage. The search problem is viewed as a variant of a multi-armed bandit problem. We estimate this model using a dataset of clicks and purchases on the website expedia.com. In contrast to models with one stage of optimal information acquisition, our model can be used to analyse not only the clicking and purchasing behaviour of consumers but also the extent to which they browse alternatives on the search results page.

本文提出了一种估计在线消费者搜索顺序模型的方法。关于此类结构计量经济学模型的文献通常假设，对于每种替代方案，只有一个最佳信息获取阶段。然而，对于许多电子商务网站来说，有两个阶段：从 (1) 搜索结果页面获取信息和 (2) 单击替代项。我们开发了一种估计两个阶段模型的方法，其中消费者在每个阶段做出最佳决策。搜索问题被视为多臂老虎机问题的变体。我们使用 expedia.com 网站上的点击和购买数据集来估算此模型。与具有一阶段最佳信息获取的模型相比，我们的模型不仅可以用于分析消费者的点击和购买行为，还可以用于分析他们在搜索结果页面上浏览替代品的程度。