Optimal search from multiple distributions with infinite horizon
Jean-Michel Benkert (),
Igor Letina and
Georg Nöldeke ()
No 262, ECON - Working Papers from Department of Economics - University of Zurich
With infinite horizon, optimal rules for sequential search from a known distribution feature a constant reservation value that is independent of whether recall of past options is possible. We extend this result to the the case when there are multiple distributions to choose from: it is optimal to sample from the same distribution in every period and to continue searching until a constant reservation value is reached.
Keywords: Optimal search; search intensity; infinite horizon; recall (search for similar items in EconPapers)
JEL-codes: D83 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic
Date: 2017-09, Revised 2017-12
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Journal Article: Optimal search from multiple distributions with infinite horizon (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:zur:econwp:262
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