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Better heuristics for economic search : experimental and simulation evidence

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Moon, Philip and Martin, Andrew (1990) Better heuristics for economic search : experimental and simulation evidence. Journal of Behavioral Decision Making, 3 (3). pp. 175-193. doi:10.1002/bdm.3960030303

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Official URL: http://dx.doi.org/10.1002/bdm.3960030303

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Abstract

Heuristic strategies for search for the most economic price of a good (including search cost) are experimentally generated, rigorously tested and their utility compared with previous work. Strategies are identified which significantly out-perform previous rules or are more likely to be used in practice, both with and without detailed knowledge of the underlying price distribution. Some 'expert strategies' are also suggested.

Item Type: Journal Article
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Warwick Business School > Information Systems & Management
Faculty of Social Sciences > Warwick Business School
Library of Congress Subject Headings (LCSH): Searching behavior, Prices
Journal or Publication Title: Journal of Behavioral Decision Making
Publisher: John Wiley & Sons Ltd.
ISSN: 0894-3257
Official Date: 1990
Dates:
DateEvent
1990Published
Volume: 3
Number: 3
Page Range: pp. 175-193
DOI: 10.1002/bdm.3960030303
Status: Peer Reviewed
Publication Status: Published
Access rights to Published version: Restricted or Subscription Access
Funder: University of Warwick

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