Search, choice, and revealed preference
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,: Department of Economics, New York University
,: Department of Economics, Brown University
Authors registered in the RePEc Author Service: Andrew Caplin and
Mark Dean
Theoretical Economics, 2011, vol. 6, issue 1
Abstract:
With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider non-standard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data could have been generated by a general form of sequential search. We characterize also search that terminates based on a reservation utility stopping rule. We outline an experimental design that captures provisional choices in the pre-decision period.
Keywords: Revealed preference; search theory; stochastic choice (search for similar items in EconPapers)
JEL-codes: D11 D83 (search for similar items in EconPapers)
Date: 2011-01-23
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Citations: View citations in EconPapers (41)
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Persistent link: https://EconPapers.repec.org/RePEc:the:publsh:592
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