The role of expectations in an adaptive search model
The purpose of this paper is to find sufficient conditions under which the results of the simple search model are preserved when learning is allowed. It is shown that the properties of the simple search model are preserved with very simple assumptions. Intuitively, we need a non explosive agent. That is, expectations must be smooth.
Volume (Year): 10 (1995)
Issue (Month): 1 ()
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- Rothschild, Michael, 1974. "Searching for the Lowest Price When the Distribution of Prices Is Unknown," Journal of Political Economy, University of Chicago Press, vol. 82(4), pages 689-711, July/Aug..
- Bikhchandani, Sushil & Sharma, Sunil, 1996.
"Optimal search with learning,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 20(1-3), pages 333-359.
- S. Bikhchandani & S. Sharma, 1990. "Optimal Search with Learning," UCLA Economics Working Papers 580, UCLA Department of Economics.
- Michael Rothschild, 1974. "Searching for the Lowest Price When the Distribution of Prices Is Unknown: A Summary," NBER Chapters, in: Annals of Economic and Social Measurement, Volume 3, number 1, pages 293-294 National Bureau of Economic Research, Inc. Full references (including those not matched with items on IDEAS)
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