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Decreasing Returns to Sampling Without Replacement

Author

Listed:
  • David Ronayne

    (ESMT Berlin)

  • David P. Myatt

    (London Business School)

Abstract

We study sampling from a finite population without replacement when seeking an extreme (lowest or highest) value. An example is a buyer searching for the lowest price. It is well known that there are decreasing returns to sampling from continuous populations: the expected minimum is a decreasing and discretely convex function of the sample size. We show that is true for sampling without replacement from a finite population. We also give a simple sufficient condition on population values for the properties to hold for other order statistics.

Suggested Citation

  • David Ronayne & David P. Myatt, 2025. "Decreasing Returns to Sampling Without Replacement," Rationality and Competition Discussion Paper Series 555, CRC TRR 190 Rationality and Competition.
    • Handle: RePEc:rco:dpaper:555
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