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Dow, James

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Abstract

This paper concerns a decision problem of an agent, searching to find a low price, whose memory is represented by a partition of the set of possible past prices. The number of elements in the partition is limited. The author characterizes the optimal partition for the case of a single decision and then considers memory allocation among several decisions. He considers a case in which a consumer who must allocate a single bit of memory among two decision problems would do better to allocate it exclusively to one of the problems than to use it to convey joint information about both. Copyright 1991 by The Review of Economic Studies Limited.

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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 58 (1991)
Issue (Month): 1 (January)
Pages: 1-14
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Handle: RePEc:bla:restud:v:58:y:1991:i:1:p:1-14

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  1. Steffen Huck & Rajiv Sarin, 2000. "Players with Limited Memory," Econometric Society World Congress 2000 Contributed Papers 1645, Econometric Society. [Downloadable!]
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  2. Philippe Jeniel, 2001. "Analogy-Based Expectation Equilibrium," Economics Working Papers 0003, Institute for Advanced Study, School of Social Science. [Downloadable!]
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  3. Matsushima, Hitoshi, 1997. "Bounded Rationality in Economics: A Game Theorist's View," CIRJE F-Series 97-F-10, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  4. Lones Smith & Peter Norman Sorensen, 2006. "Informational Herding and Optimal Experimentation," Cowles Foundation Discussion Papers 1552, Cowles Foundation, Yale University. [Downloadable!]
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  5. David Hirshleifer & Ivo Welch, 2001. "An Economic Approach to the Psychology of Change: Amnesia, Inertia, and Impulsiveness," Cowles Foundation Discussion Papers 1306, Cowles Foundation, Yale University. [Downloadable!]
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  6. V. Bhaskar & Fernando Vega-Redondo, 1998. "Asynchronous Choice and Markov Equilibria:Theoretical Foundations and Applications," Game Theory and Information 9809003, EconWPA. [Downloadable!]
  7. Wernerfelt, Birger, 2003. "Organizational Languages," Working papers 4278-03, Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
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