| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15018 |
| DP15018 Sequential Learning with Endogenous Consideration Sets | |
| Alessandro Pavan; Daniel Fershtman | |
| 发表日期 | 2020-07-08 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study the problem of a decision maker alternating between exploring existing alternatives and searching for new ones. We show that the decision to search depends on the composition of the consideration set only through the information the latter contains about the probability of finding new alternatives. When the search technology is stationary, or improves over time, search is equivalent to replacement. With deteriorating technologies, instead, alternatives are revisited after search is launched and each expansion is treated as if it were the last one. The analysis yields a formula for pricing new alternatives and/or the option to expand the consideration set in the future. We also show how to accommodate for certain irreversible choices that admit as special case a generalization of Weitzman’s (1979) “Pandora’s boxes” problem in which the set of boxes is endogenous and each alternative may require multiple explorations before it can be selected. |
| 主题 | Industrial Organization |
| 关键词 | Consideration sets Sequential search Experimentation Multi-arm bandit problems Learning Platforms |
| URL | https://cepr.org/publications/dp15018 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543967 |
| 推荐引用方式 GB/T 7714 | Alessandro Pavan,Daniel Fershtman. DP15018 Sequential Learning with Endogenous Consideration Sets. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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