An Experimental Test of a Search Model under Ambiguity

Takao Asano, Hiroko Okudaira and Masaru Sasaki ()
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Takao Asano: Okayama University
Hiroko Okudaira: Okayama University
Masaru Sasaki: Osaka University

No 913, KIER Working Papers from Kyoto University, Institute of Economic Research

Abstract: The objective of this study is to design a laboratory experiment to explore the effect of ambiguity on a subject’s search behavior in a finite-horizon sequential search model. In so doing, we employ a strategy to observe the potential trend of reservation points that is usually unobserved. We observe that subjects behaving consistently across treatments reduce their reservation points in the face of ambiguity over point distribution. Our result is consistent with the theoretical implication obtained by Nishimura and Ozaki (Journal of Economic Theory 2004).

Keywords: Experiment; Search Model; Ambiguity; Reservation Point (search for similar items in EconPapers)
JEL-codes: C91 D81 (search for similar items in EconPapers)
Pages: 20 pages
Date: 2015-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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