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Learning While Searching for the Beat Alternative

  • Adam, K.

This paper delovers the solution to an optimal search problem with learning where the searcher has distinguishable search opportunities. The optimal sampling strategy is characterized by simple reservation prices that determine which of the search alternatives to sample and when to stop search.

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Paper provided by European University Institute in its series Economics Working Papers with number eco99/4.

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Length: 42 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:eui:euiwps:eco99/4
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  1. Reinganum, Jennifer F., . "Nash Equilibrium Search for the Best Alternative," Working Papers 413, California Institute of Technology, Division of the Humanities and Social Sciences.
  2. Gabriel Talmain & Chien-Fu Chou, 1990. "Non-Parametric Search," Discussion Papers 92-01, University at Albany, SUNY, Department of Economics.
  3. Weitzman, Martin L, 1979. "Optimal Search for the Best Alternative," Econometrica, Econometric Society, vol. 47(3), pages 641-54, May.
  4. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey: Part I," Economic Inquiry, Western Economic Association International, vol. 14(2), pages 155-89, June.
  5. Lippman, Steven A & McCall, John J, 1976. "The Economics of Job Search: A Survey," Economic Inquiry, Western Economic Association International, vol. 14(3), pages 347-68, September.
  6. Bikhchandani, Sushil & Sharma, Sunil, 1996. "Optimal search with learning," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 333-359.
  7. Chou, Chien-fu & Talmain, Gabriel, 1993. "Nonparametric search," Journal of Economic Dynamics and Control, Elsevier, vol. 17(5-6), pages 771-784.
  8. 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..
  9. Morgan, Peter B, 1985. "Distributions of the Duration and Value of Job Search with Learning," Econometrica, Econometric Society, vol. 53(5), pages 1199-1232, September.
  10. Kohn, Meir G. & Shavell, Steven, 1974. "The theory of search," Journal of Economic Theory, Elsevier, vol. 9(2), pages 93-123, October.
  11. Slonim, Robert, 1994. "Learning in a search-for-the-best-alternative experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 25(2), pages 141-165, October.
  12. 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.
  13. Glazebrook, K. D., 1976. "A profitability index for alternative research projects," Omega, Elsevier, vol. 4(1), pages 79-83.
  14. Salop, S C, 1973. "Systematic Job Search and Unemployment," Review of Economic Studies, Wiley Blackwell, vol. 40(2), pages 191-201, April.
  15. Glazebrook, KD, 1978. "Some ranking formulae for alternative research projects," Omega, Elsevier, vol. 6(2), pages 193-194.
  16. George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
  17. Vishwanath, Tara, 1992. "Parallel Search for the Best Alternative," Economic Theory, Springer, vol. 2(4), pages 495-507, October.
  18. Rosenfield, Donald B. & Shapiro, Roy D., 1981. "Optimal adaptive price search," Journal of Economic Theory, Elsevier, vol. 25(1), pages 1-20, August.
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