Learning While Searching for the Beat Alternative
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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|Date of creation:||1999|
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- Bikhchandani, Sushil & Sharma, Sunil, 1996.
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- George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213-213.
- 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.
- Glazebrook, K. D., 1976. "A profitability index for alternative research projects," Omega, Elsevier, vol. 4(1), pages 79-83.
- Glazebrook, KD, 1978. "Some ranking formulae for alternative research projects," Omega, Elsevier, vol. 6(2), pages 193-194.
- Vishwanath, Tara, 1992. "Parallel Search for the Best Alternative," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 2(4), pages 495-507, October.
- 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.
- S. C. Salop, 1973. "Systematic Job Search and Unemployment," Review of Economic Studies, Oxford University Press, vol. 40(2), pages 191-201.
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