Consumers can accumulate product information on the basis of a combination of searching, product advertising and expert advice.Examples of experts who provide product information include doctors advising patients on treatments, motor mechanics diagnosing car problems and recommending repairs,...

A Monte Carlo experiment is undertaken to examine the small sample properties of three alternative estimators of a bivariate probit model with selection. The three estimators are the censored probit estimator, single-equation probit applied to the selected sub-sample and single-equation probit...