Expected-Utility-Maximizing Price Search with Learning

Ronald Harstad and Andrew Postlewaite

Management Science, 1981, vol. 27, issue 1, 75-80

Abstract: We consider a model of search when the distribution of prices (wages) is unknown. The effect of changing the objective function from minimizing expected cost to maximizing expected utility is examined.

Keywords: decision analysis: sequential; dynamic programming: Bayesian; utility/preference: applications (search for similar items in EconPapers)
Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:inm:ormnsc:v:27:y:1981:i:1:p:75-80

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