The understanding of human behavior in sequential decision tasks is im- portant for economics and socio-psychological sciences. In search tasks, for example when individuals search for the best price of a product, they are confronted in sequential steps with di®erent situations and they have to decide whether to continue or stop searching. The decision behavior of individuals in such search tasks is described by a search strategy. This paper presents a new approach of ¯nding high-quality search strategies by using genetic algorithms (GAs). Only the structure of the search strategies and the basic building blocks (price thresholds and price patterns) that can be used for the search strategies are pre-speci¯ed. It is the purpose of the GA to construct search strategies that well describe human search behavior. The search strategies found by the GA are able to predict human behavior in search tasks better than traditional search strategies from the literature which are usually based on theoretical as- sumptions about human behavior in search tasks. Furthermore, the found search strategies are reasonable in the sense that they can be well in- terpreted, and generally that means they describe the search behavior of a larger group of individuals and allow some kind of categorization and classi¯cation. The results of this study open a new perspective for future research in developing behavioral strategies. Instead of deriving search strategies from theoretical assumptions about human behavior, researchers can directly analyze human behavior in search tasks and ¯nd appropriate and high- quality search strategies. These can be used for gaining new insights into the motivation behind human search and for developing new theoretical models about human search behavior.
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Paper provided by Mannheim Research Institute for the Economics of Aging, University of Mannheim in its series MEA discussion paper series with number
05079.
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