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Strategic Search Theory

Reinganum, Jennifer F. (1982) Strategic Search Theory. International Economic Review, 23 (1). pp. 1-17. ISSN 0020-6598. doi:10.2307/2526459.

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[Introduction] The "theory of search" - the application of optimal stopping rules to decision-making under uncertainty - is well-developed for the case of an individual agent (Kohn and Shavell [1974], Lippman and McCall [1976] and Rothschild [1973]). It has been applied primarily to the problems of job search and consumers searching for the lowest price. However, a number of extensions, generalizations and new applications have been offered recently. Among these are the dynamic analysis of the inspection and evaluation of multiple-characteristic goods (Wilde [1980]); the characterization of optimal search when sampling from a number of different distributions (Spulber [1979] and Weitzman [1979]); and the application of standard search theory to the determination of market structure via uncertain imitability (Lippman and Rumelt [1980]), research and development (Evenson and Kislev [1976], Spulber [1980] and Lee [1980]), and the decision to adopt a new technology of uncertain value (Jensen [1982]).

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Additional Information:© 1982 Economics Department of the University of Pennsylvania. Manuscript received October 17, 1980, revised June 12, 1981. I would like to thank John Cross, John Roberts, the members of the Caltech Theory Workshop and anonymous referees for helpful comments and discussion. The financial support of the National Science Foundation is gratefully acknowledged. Formerly SSWP 353.
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Deposited By: Jacquelyn Bussone
Deposited On:17 Nov 2017 23:12
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