Optimal Search for the Best Alternative Export

by: Martin L. Weitzman

Econometrica, Vol. 47, No. 3. (1979), pp. 641-654.

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Abstract

This paper completely characterizes the solution to the problem of searching for the best outcome from alternative sources with different properties. The optimal strategy is an elementary reservation price rule, where the reservation prices are easy to calculate and have an intuitive economic interpretation.

@article{weitzman-79, abstract = {This paper completely characterizes the solution to the problem of searching for the best outcome from alternative sources with different properties. The optimal strategy is an elementary reservation price rule, where the reservation prices are easy to calculate and have an intuitive economic interpretation.}, author = {Weitzman, Martin L.}, citeulike-article-id = {2212353}, citeulike-linkout-0 = {http://www.jstor.org/stable/1910412}, journal = {Econometrica}, keywords = {414-1, search}, number = {3}, pages = {641--654}, posted-at = {2008-01-09 23:01:19}, priority = {2}, title = {Optimal Search for the Best Alternative}, url = {http://www.jstor.org/stable/1910412}, volume = {47}, year = {1979} }

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Optimal Search for the Best Alternative Export

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