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Optimal search from multiple distributions with infinite horizon


Benkert, Jean-Michel; Letina, Igor; Nöldeke, Georg (2017). Optimal search from multiple distributions with infinite horizon. Working paper series / Department of Economics 262, University of Zurich.

Abstract

With infinite horizon, optimal rules for sequential search from a known distribution feature a constant reservation value that is independent of whether recall of past options is possible. We extend this result to the the case when there are multiple distributions to choose from: it is optimal to sample from the same distribution in every period and to continue searching until a constant reservation value is reached.

Abstract

With infinite horizon, optimal rules for sequential search from a known distribution feature a constant reservation value that is independent of whether recall of past options is possible. We extend this result to the the case when there are multiple distributions to choose from: it is optimal to sample from the same distribution in every period and to continue searching until a constant reservation value is reached.

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Department of Economics
Dewey Decimal Classification:330 Economics
JEL Classification:D83
Uncontrolled Keywords:Optimal search, search intensity, infinite horizon, recall
Language:English
Date:September 2017
Deposited On:25 Sep 2017 07:16
Last Modified:25 Sep 2017 07:17
Series Name:Working paper series / Department of Economics
Number of Pages:10
ISSN:1664-7041
Official URL:http://www.econ.uzh.ch/static/wp/econwp262.pdf
Related URLs:http://www.econ.uzh.ch/static/workingpapers.php

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