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Search Decisions with Limited Memory

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  • James Dow

Abstract

This paper concerns a decision problem of an agent, searching to find a low price, whose memory is represented by a partition of the set of possible past prices. The number of elements in the partition is limited. I characterize the optimal partition for the case of a single decision, and then consider memory allocation among several decisions. I consider a case in which a consumer who must allocate a single bit of memory among two decision problems would do better to allocate it exclusively to one of the problems than to use it to convey joint information about both.

Suggested Citation

  • James Dow, 1991. "Search Decisions with Limited Memory," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(1), pages 1-14.
    • Handle: RePEc:oup:restud:v:58:y:1991:i:1:p:1-14.
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    File URL: http://hdl.handle.net/10.2307/2298042
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