Serial, or sequential, fusion of multiple biometric matchers has been not thoroughly investigated so far. However, this approach exhibits some advantages with respect to the widely adopted parallel approaches. In this paper, we propose a novel theoretical framework for the assessment of performance of such systems, based on a previous work of the authors. Benefits in terms of performance are theoretically evaluated, as well as estimation errors in the model parameters computation. Model is analyzed from the viewpoint of its pros and cons, by mean of preliminary experiments performed on NIST Biometric Score Set 1.