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Optimal search from multiple distributions with infinite horizon

Benkert, Jean-Michel and Letina, Igor and Nöldeke, Georg. (2018) Optimal search from multiple distributions with infinite horizon. Economics Letters, 164. pp. 15-18.

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Official URL: http://edoc.unibas.ch/58424/

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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 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.
Faculties and Departments:06 Faculty of Business and Economics > Departement Wirtschaftswissenschaften > Professuren Wirtschaftswissenschaften > Mikroökonomische Theorie (Nöldeke)
UniBasel Contributors:Nöldeke, Georg
Item Type:Article, refereed
Article Subtype:Research Article
Publisher:Elsevier
ISSN:0165-1765
e-ISSN:1873-7374
Note:Publication type according to Uni Basel Research Database: Journal article
Language:English
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Last Modified:23 Feb 2018 08:55
Deposited On:31 Jan 2018 14:57

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