Multi-dimensional search: choosing the right path

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Multi-dimensional search: choosing the right path

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NIGEL WADESON

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Nigel Wadeson

Abstract

This article seeks to analyse processes of decision-making where multiple costly observations can be made about individual decision outcomes. It presents a simple model of a decision in which information is collected sequentially. Most economic models of sequential collection of costly information have focused on price-search. It is argued that this is a very specialized type of search. This has led such models to focus on the issue of when search should stop. The article attempts to show how the principles of sequential search can be applied to other types of problems, such as innovation, where the choice of path is also of central concern.

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Article provided by Taylor and Francis Journals in its journal International Journal of the Economics of Business.

Volume (Year): 11 (2004)
Issue (Month): 3 (November)
Pages: 287-301
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Handle: RePEc:taf:ijecbs:v:11:y:2004:i:3:p:287-301

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Mark Casson Nigel W Adeson, 1998. "Communication Costs and the Boundaries of the Firm," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 5(1), pages 5-27, February. [Downloadable!] (restricted)
Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Mark Casson & Nigel Wadeson, 2007. "The Discovery of Opportunities: Extending the Economic Theory of the Entrepreneur," Small Business Economics, Springer, vol. 28(4), pages 285-300, April. [Downloadable!] (restricted)

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This page was last updated on 2009-12-21.

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