Searching for a better deal – On the influence of group decision making, time pressure and gender on search behavior

We study behavior in a search experiment where sellers receive randomized bids from a computer. At any time, sellers can accept the highest standing bid or ask for another bid at positive costs. We find that sellers stop searching earlier than theoretically optimal. Inducing a mild form of time pressure strengthens this finding in the early periods. We find no significant differences in search behavior between individuals and groups of two participants. However, there are marked gender differences. Men search significantly shorter than women, and teams of two women search much longer and recall more frequently than groups with at least one man.