A model of time-allocation among work, leisure, and price-search predicts that rational consumers pay relatively low prices for their preferred goods. Using scanner data, we confirm empirically the implication that consumers find better prices for items (defined by scanner codes, such as a 12-pack of Pepsi) within categories (such as carbonated drinks) of which they consume relatively more. This provides direct evidence that consumers face constraints on time and/or attention, and that they rationally allocate these scarce resources to optimize welfare.

中文翻译：

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选择性逢低寻找：理性消费者搜索的简明测试

工作、休闲和价格搜索之间的时间分配模型预测，理性消费者会为他们喜欢的商品支付相对较低的价格。使用扫描仪数据，我们凭经验证实了消费者在他们消费相对较多的类别（例如碳酸饮料）中找到更好的商品价格（由扫描仪代码定义，例如 12 包百事可乐）的含义。这提供了直接证据，表明消费者面临时间和/或注意力的限制，并且他们合理分配这些稀缺资源以优化福利。