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Search and the development of the economics of information

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  • Steven Lippman
  • John McCall

Abstract

In this paper we trace the evolution of economic search theory and the concomitant accumulation of insights so as to elucidate is successes as well as its central location within the economics of information. The reason for the phenomenal success of search theory is twofold. First, Stigler’s fixed sample search was the first entrant in the literature to explicity model the acquisition of information; furthermore, it was elegant in its simplicity. Second, it was efficacious: it easily accommodated the application of standard methods to endogenously determine the amount of information acquired, thereby extending the Marshallian framework to allow for an explain such phenomena as idle resources and “violations” of the law of one price. After taking up Stigler’s pioneering 1961 paper, we continue by considering pre Stiglerian contributions acquisition and then McCall’s sequential search model and the mathematical developments leading up to it. Following a discussion of further developments in job search

Suggested Citation

  • Steven Lippman & John McCall, 1993. "Search and the development of the economics of information," Estudios de Economia, University of Chile, Department of Economics, vol. 20(2 Year 19), pages 223-249, December.
    • Handle: RePEc:udc:esteco:v:20:y:1993:i:2:p:223-249
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    Cited by:

    1. Zhenyu Hu & Wenjie Tang, 2021. "Size Matters, So Does Duration: The Interplay Between Offer Size and Offer Deadline," Management Science, INFORMS, vol. 67(8), pages 4935-4960, August.
    2. Arnold, Michael A. & Lippman, Steven A., 2000. "Elasticity of demand for search," Economics Letters, Elsevier, vol. 67(3), pages 309-314, June.
    3. Laura J. Kornish & Steven A. Lippman & John W. Mamer, 2011. "Search and the introduction of improved technologies," Naval Research Logistics (NRL), John Wiley & Sons, vol. 58(6), pages 578-594, September.

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    Keywords

    Search Theory; information.;

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