Evolution of a theory in economics: bibliometric assessment of search theory vis-à-vis game theory

Hariolf Grupp

Research Evaluation, 2003, vol. 12, issue 3, 205-216

Abstract: Search theory which originated from operations research was first introduced into microeconomics in the 1960s. Typical applications are the commodities' markets, investment fields or labour markets. Search theory can replace the model of frictionless transactions between purchasers and suppliers and the statement of equilibrium prices. The quest for trade alternatives becomes a fundamental feature on markets if economic decisions have to be made in a climate of uncertainty and without full information. Despite this demand, search theory has not developed so dynamically as comparable theories. This review article defines the potential of search theory in economics, indicates its chronological development and sheds light on some apathy towards search theory. The evaluation is based both on qualitative and quantitative assessments using bibliometric data to measure the research output in time series. Copyright , Beech Tree Publishing.

Date: 2003
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