Optimal search from multiple distributions with infinite horizon
Igor Letina and
Georg Nöldeke ()
Economics Letters, 2018, vol. 164, issue C, 15-18
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.
Keywords: Optimal search; Search intensity; Infinite horizon; Recall (search for similar items in EconPapers)
JEL-codes: D83 (search for similar items in EconPapers)
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Working Paper: Optimal search from multiple distributions with infinite horizon (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:164:y:2018:i:c:p:15-18
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