“…Previous literature assumes either that consumers have rational expectations and do not learn about the price distribution (Honka 2014; Honka and Chintagunta 2017; Mehta, Rajiv, and Srinivasan 2003; Zwick et al 2003) or that consumers update their beliefs, which can explain revisits to previously searched information (Bronnenberg, Kim, and Mela 2016; Dang, Ursu, and Chintagunta 2020). The empirical literature allowing for learning assumes that consumers engage in Bayesian updating with either normally distributed priors (Chick and Frazier 2012; Ursu, Wang, and Chintagunta 2020; Zhang, Ursu, and Erdem 2020), Dirichlet priors (Hu, Dang, and Chintagunta 2019; Koulayev 2013; Wu 2017), or Dirichlet process priors (De los Santos, Hortacsu, and Wildenbeest 2017; Häubl, Dellaert, and Donkers 2010).…”