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Clearinghouse models of online pricing— such as Varian (1980), Rosenthal (1980), Narasimhan (1988), and Baye-Morgan (2001)— view a price comparison site as an "information clearing- house" where price-sensitive shoppers obtain price and product information to make online purchases. These models predict a discontinuous jump in a …rm's demand when it succeeds in charging the lowest price in the market. These models also predict that the responsiveness of a …rm's demand to a change in its price depends on the number of rivals. Using a unique …rm-level dataset from Kelkoo.com (Yahoo!'s European price comparison site), we examine these predictions by providing estimates of the demand for PDAs. Our results indicate that both the number of competing sellers and the …rm's rank in the list of prices are important determinants of an online retailer's demand. We …nd that an online monopolist faces an elas- ticity of demand of about 2, while sellers competing against 10 other sellers face an elasticity of about 6. We also …nd empirical evidence of a 60% jump in a …rm's demand as its price declines from the second-lowest to the lowest price. Our estimates suggest that about 13% of the consumers at Kelkoo are "shoppers"who purchase from the seller oering the lowest price. JEL Classi…cation Numbers: D4, D8, M3, L14

Estimating Firm-Level Demand at a Price Comparison Site: Accounting for Shoppers and the Number of Competitors