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Search and Optimal Sample Sizes

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  • Peter B. Morgan

Abstract

This paper considers the wide class of problems in which a searcher can choose his sample size and whether or not to stop search at each of a sequence of decision points. Sequential search problems are the special cases in which the sample size chosen at each decision point is unity. Several properties of the optimal sample size sequence are established, with particular attention being paid to the effects of recall, decision horizons and fallback utilities. These properties yield necessary and sufficient conditions for the optimality of sequential search strategies within the class of problems considered.

Suggested Citation

  • Peter B. Morgan, 1983. "Search and Optimal Sample Sizes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(4), pages 659-675.
    • Handle: RePEc:oup:restud:v:50:y:1983:i:4:p:659-675.
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    File URL: http://hdl.handle.net/10.2307/2297768
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    Citations

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    Cited by:

    1. Manning, Richard & Manning, Julian R. A., 1997. "Budget-constrained search," European Economic Review, Elsevier, vol. 41(9), pages 1817-1834, December.
    2. Pedro Cosme, 1997. "SEARCH, Variable Sample Size, A Computational Solution," Computational Economics 9706001, University Library of Munich, Germany.
    3. Morvarid Rahmani & Karthik Ramachandran, 2021. "Delegating Innovation Projects with Deadline: Committed vs. Flexible Stopping," Management Science, INFORMS, vol. 67(10), pages 6317-6332, October.
    4. Carrasco, Jose A. & Harrison, Rodrigo, 2023. "Costly multi-unit search," European Economic Review, Elsevier, vol. 154(C).
    5. Benkert, Jean-Michel & Letina, Igor & Nöldeke, Georg, 2018. "Optimal search from multiple distributions with infinite horizon," Economics Letters, Elsevier, vol. 164(C), pages 15-18.
    6. Otso Massala & Ilia Tsetlin, 2015. "Search Before Trade-offs Are Known," Decision Analysis, INFORMS, vol. 12(3), pages 105-121.
    7. DeSarbo, Wayne S. & Choi, Jungwhan, 1998. "A latent structure double hurdle regression model for exploring heterogeneity in consumer search patterns," Journal of Econometrics, Elsevier, vol. 89(1-2), pages 423-455, November.
    8. Poblete, Joaquín & Spulber, Daniel, 2017. "Managing innovation: Optimal incentive contracts for delegated R&D with double moral hazard," European Economic Review, Elsevier, vol. 95(C), pages 38-61.
    9. Grosfeld-Nir, Abraham & Sarne, David & Spiegler, Israel, 2009. "Modeling the search for the least costly opportunity," European Journal of Operational Research, Elsevier, vol. 197(2), pages 667-674, September.
    10. Fougère, Denis & Pradel, Jacqueline & Roger, Muriel, 2005. "Does Job-Search Assistance Affect Search Effort and Outcomes? A Microeconometric Analysis of Public versus Private Search Methods," IZA Discussion Papers 1825, Institute of Labor Economics (IZA).
    11. Edward A. Baryla, Jr. & Leonard V. Zumpano & Harold W. Elder, 2000. "An Investigation of Buyer Search in the Residential Real Estate Market under Different Market Conditions," Journal of Real Estate Research, American Real Estate Society, vol. 20(1), pages 75-91.
    12. Fougère, Denis & Pradel, Jacqueline & Roger, Muriel, 2009. "Does the public employment service affect search effort and outcomes?," European Economic Review, Elsevier, vol. 53(7), pages 846-869, October.
    13. Kopp, Andreas, 1996. "Layoffs, job search and labour market pooling," Kiel Working Papers 729, Kiel Institute for the World Economy (IfW Kiel).
    14. Jos van Ommeren & Giovanni Russo, 2004. "Sequential or Non-sequential Recruitment?," Tinbergen Institute Discussion Papers 04-109/3, Tinbergen Institute, revised 15 Sep 2008.
    15. Ours, J.C. & Ridder, G., 1992. "Vacancy durations : search or selection?," Serie Research Memoranda 0016, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    16. Domenico Ferraro, 2018. "The Asymmetric Cyclical Behavior of the U.S. Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 145-162, October.
    17. Jos van Ommeren & Giovanni Russo, 2014. "Firm Recruitment Behaviour: Sequential or Non-sequential Search?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 76(3), pages 432-455, June.
    18. Ours, J.C. & Ridder, G., 1990. "Vacancies and the recruitment of new employees," Serie Research Memoranda 0022, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    19. Gérard P. Cachon & Christian Terwiesch & Yi Xu, 2005. "Retail Assortment Planning in the Presence of Consumer Search," Manufacturing & Service Operations Management, INFORMS, vol. 7(4), pages 330-346, August.
    20. Joosung Lee & Daniel Li, 2022. "Sequential Search With Adaptive Intensity," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 63(2), pages 803-829, May.
    21. Domenico Ferraro, 2018. "The Asymmetric Cyclical Behavior of the U.S. Labor Market," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 145-162, October.

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