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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
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 |
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| 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: |
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| 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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