An Experimental Test of a Collective Search Model

Yoichi Hizen, Keisuke Kawata and Masaru Sasaki ()

No 11-06, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This paper's objectives are to design laboratory experiments of finite and infinite sequen- tial collective search models and to test some implications obtained in the model of Albrecht, Anderson and Vroman (2010) (the AAV model). We find that, compared with single-agent search, the average search duration is longer in collective search with the unanimity rule, but it is shorter in the case of collective search in which at least one vote is needed to stop searching. In addition, according to estimates from round-based search decisions, subjects are more likely to vote to stop searching in collective search than in single-agent search. This confirms that agents are less picky in the case of collective search. Overall, the experimental outcomes are consistent with the implications suggested by the AAV model. However, a different outcome is obtained from the AAV model in terms of the size order of the probabilities of voting to stop searching in collective search for the various plurality voting rules.

Keywords: experiment; collective search; voting rule. (search for similar items in EconPapers)
JEL-codes: C91 D83 (search for similar items in EconPapers)
Pages: 48 pages
Date: 2011-02
New Economics Papers: this item is included in nep-cdm and nep-exp
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Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:1106

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