Until here, we have assumed that available information is (perceived as) fully
reliable. In practice, this assumption will not always hold. Information may
often be (perceived as) only partially unreliable, which is likely to result in lower
inclination to search for information than our model predicts. Should the model
that the analyst uses for deriving preferences from observed information search
be – erroneously - based on the premise of fully reliable information, this would
lead to biased estimates for consumer preferences. In the following, we show that
there is a straightforward way to incorporate the notion of perceived information
unreliability in our mo