Search with multiple attributes: Theory and empirics

نویسنده

  • Adam Sanjurjo
چکیده

Multiple attribute search is a central feature of economic life: we consider much more than price when purchasing a home, and more than wage when choosing a job. Nevertheless, while single attribute search problems have been studied extensively, little is known about optimal search in multiple attribute environments. I introduce a partial characterization of optimal sequential search in a problem with multiple searchable attributes and alternatives, no order restrictions on search, and full recall. Upon applying the partial rational benchmark to a rich dataset I find that subjects systematically deviate from optimal sequential search by (1) searching too deeply within alternatives and (2) switching too adjacently between alternatives. Finally, I explore how these deviations affect payoffs, and explain why they may constitute a form of boundedly rational search behavior in which subjects re-optimize only occassionally, while “smoothing” search order so as to make costly memory failures less likely. JEL Classification Numbers: D11; D12; D81; D83.

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

مراقبت دارویی: تحلیل مفهوم به روش تکاملی راجرز

  Background & Aim: The concept of pharmaceutical care has been used and discussed with multiple definitions in the literature related to health care sciences and especially in pharmacology and pharmacotherapy. However, the use of this concept is not common in the nursing literature and it has not currently been used. This study has been done to analysis the concept of pharmaceutical care in or...

متن کامل

Investor Sentiment, Disagreement and Return Predictability of Ownership Breadth

We extend theories and empirics in Chen, Hong and Stein (2002) by allowing investors subject to market sentiment to hold a biased belief in aggregate. With a dynamic multiple-asset model, we show that the ownership breadth-return relationship can be either positive or negative depending on the relative strength of two offsetting forces: (1) variation in disagreement and (2) variation in sentime...

متن کامل

Temporary and Permanent Migrant Selection: Theory and Evidence of Ability-Search Cost Dynamics

Temporary and Permanent Migrant Selection: Theory and Evidence of Ability-Search Cost Dynamics* The migrant selection literature concentrates primarily on spatial patterns. This paper illustrates the implications of migration duration for patterns of selection by integrating two workhorses of the labor literature, a search model and a Roy model. Theory and empirics show temporary migrants are i...

متن کامل

An Interval Assignment Problem with Multiple Attributes: A DEA-Based Approach

One of the basic combinatorial optimization problems is the assignment problem that deals with assigning jobs to individuals. In traditional assignment problems, n jobs usually assign to n individuals such that the total cost is minimized or the total profit is maximized. However, in numerous real-life applications, various attributes could be considered in assignment problems while data (obj...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

ثبت نام

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

عنوان ژورنال:
  • Games and Economic Behavior

دوره 104  شماره 

صفحات  -

تاریخ انتشار 2017