When buyers fail to search optimally, it is useful to divide their mistakes into two types of errors: undersearch and oversearch.
Table 6 shows that irrespective of the process of belief formation, subjects in the MI and PSMI treatment tend to err on the side of oversearch (Type 2 error).
In their study of petroleum coke contracts, Goldberg and Erickson argue that a principal reason to include price adjustment mechanisms in longterm contracts is to reduce precontractual oversearch
Kenney and Klein  note that the exhibitor may have an incentive to oversearch
and show that the liquidated damages provision of the block-booking contract often used before it was outlawed limited search.