Constrained Retrospective Search
AbstractThe search for good outcomes—be it government policies, technological breakthroughs, or lasting purchases—takes time and effort. At times, the decision process is unconstrained: an individual seeking a well-priced product determines her search scope and time as she wishes. At times, search is constrained, either through institutions or cognitive limitations. We consider retrospective search in both settings: an agent chooses the search scope and time, selecting the best observed outcome upon stopping. We analyze the impacts of constraints when observed samples are independent and correlated over time.
CitationUrgun, Can, and Leeat Yariv. 2021. "Constrained Retrospective Search." AEA Papers and Proceedings, 111: 549-53. DOI: 10.1257/pandp.20211054
- D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness