Arbeitspapier
Optimal Search with Costly Recall
This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under perfect recall. Under costly recall, the optimal search behaviour is nonstationary and, moreover, the reservation price is not independent of previously sampled prices. We fully characterize the optimal search rule under costly recall when a finite number of firms draws price quotes from a given distribution.
- Language
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Englisch
- Bibliographic citation
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Series: Tinbergen Institute Discussion Paper ; No. 08-002/1
- Classification
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Wirtschaft
Optimization Techniques; Programming Models; Dynamic Analysis
Consumer Economics: Theory
Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
- Subject
-
Search
Costly Recall
Konsumentenverhalten
Informationskosten
Suchtheorie
Theorie
- Event
-
Geistige Schöpfung
- (who)
-
Janssen, Maarten C.W.
Parakhonyak, Alexei
- Event
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Veröffentlichung
- (who)
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Tinbergen Institute
- (where)
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Amsterdam and Rotterdam
- (when)
-
2007
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Janssen, Maarten C.W.
- Parakhonyak, Alexei
- Tinbergen Institute
Time of origin
- 2007
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