Constrained Retrospective Search

Can Urgun and Leeat Yariv

AEA Papers and Proceedings, 2021, vol. 111, 549-53

Abstract: The 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.

JEL-codes: D83 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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DOI: 10.1257/pandp.20211054

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