Optimal search from multiple distributions with infinite horizon

Benkert, Jean-Michel; Letina, Igor; Nöldeke, Georg (2018). Optimal search from multiple distributions with infinite horizon. Economics letters, 164, pp. 15-18. Elsevier 10.1016/j.econlet.2017.12.032

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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 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.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Economics

UniBE Contributor:

Letina, Igor

Subjects:

300 Social sciences, sociology & anthropology > 330 Economics

ISSN:

0165-1765

Publisher:

Elsevier

Language:

English

Submitter:

Dino Collalti

Date Deposited:

24 Jun 2019 17:14

Last Modified:

12 Nov 2019 15:48

Publisher DOI:

10.1016/j.econlet.2017.12.032

BORIS DOI:

10.7892/boris.127493

URI:

https://boris.unibe.ch/id/eprint/127493

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