Moon, Philip and Martin, Andrew (1996) The search for consistency in economic search. Journal of Economic Behavior & Organization, 29 (2). pp. 311-321. doi:10.1016/0167-2681(95)00065-8

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Abstract

Previous experimental work has discovered several high performing heuristic strategies in the search for the most economic price of a good, in situations where the purchaser has partial prior knowledge of the price distribution. It appeared previously, however, that individuals do not use a given search rule consistently. This paper describes a modified experimental framework that investigates this apparent inconsistency in search behaviour. Results are analysed at the individual level rather than in aggregate. The paper concludes that individuals do adopt consistent strategies subject to certain identified caveats. It is suggested that inconsistent behaviour is associated with decision difficulty, very low search costs, and subjects' intellectual ability. Moreover, it concludes that the strategy most frequently adopted is fairly crude and is not the best performing one.

Item Type:	Journal Article
Subjects:	H Social Sciences > HC Economic History and Conditions
Divisions:	Faculty of Social Sciences > Warwick Business School > Information Systems & Management Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Journal of Economic Behavior & Organization
Publisher:	Elsevier BV * North-Holland
ISSN:	0167-2681
Official Date:	March 1996
Dates:	Date Event March 1996 UNSPECIFIED
Volume:	29
Number:	2
Number of Pages:	11
Page Range:	pp. 311-321
DOI:	10.1016/0167-2681(95)00065-8
Status:	Peer Reviewed
Publication Status:	Published

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