Search from an unkown distribution an explicit solution

Gabriel Talmain ()

Journal of Economic Theory, 1992, vol. 57, issue 1, 141-157

Abstract: This paper derives the optimal strategy of a searcher who searches with recall from an unknown distribution and who holds Dirichlet beliefs. Providing his priors are accurate, this searcher will immediately accept an offer which would have terminated his search had he known for sure the distribution, but if unlucky he may eventually accept a lower wage. In the latter case, as he accumulates more experience, he is increasingly reluctant to do so. This paper also explains why some workers become discouraged.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:57:y:1992:i:1:p:141-157

DOI: 10.1016/S0022-0531(05)80045-6

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