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Constrained Retrospective Search

Author

Listed:
  • Can Urgun
  • Leeat Yariv

Abstract

The search for good outcomes—be it government policies, technological breakthroughs, or lasting purchases—takes time and effort. At times, the decision process is unconstrained: an individual seeking a well-priced product determines her search scope and time as she wishes. At times, search is constrained, either through institutions or cognitive limitations. We consider retrospective search in both settings: an agent chooses the search scope and time, selecting the best observed outcome upon stopping. We analyze the impacts of constraints when observed samples are independent and correlated over time.

Suggested Citation

  • Can Urgun & Leeat Yariv, 2021. "Constrained Retrospective Search," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 549-553, May.
  • Handle: RePEc:aea:apandp:v:111:y:2021:p:549-53
    DOI: 10.1257/pandp.20211054
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    Cited by:

    1. Can Urgun & Leeat Yariv, 2021. "Retrospective Search: Exploration and Ambition on Uncharted Terrain," Working Papers 2021-33, Princeton University. Economics Department..

    More about this item

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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