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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w29127 |
来源ID | Working Paper 29127 |
Retrospective Search: Exploration and Ambition on Uncharted Terrain | |
Can Urgun; Leeat Yariv | |
发表日期 | 2021-08-09 |
出版年 | 2021 |
语种 | 英语 |
摘要 | We study a model of retrospective search in which an agent—a researcher, an online shopper, or a politician—tracks the value of a product. Discoveries beget discoveries and their observations are correlated over time, which we model using a Brownian motion. The agent, a standard exponential discounter, decides the breadth and length of search. We fully characterize the optimal search policy. The optimal search scope is U-shaped, with the agent searching most ambitiously when approaching a breakthrough or when nearing search termination. A drawdown stopping boundary is optimal, where the agent ceases search whenever current observations fall a constant amount below the maximal achieved alternative. We also show special features that emerge from contracting with a retrospective searcher. |
主题 | Microeconomics ; Mathematical Tools ; Game Theory ; Households and Firms ; Economics of Information |
URL | https://www.nber.org/papers/w29127 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586801 |
推荐引用方式 GB/T 7714 | Can Urgun,Leeat Yariv. Retrospective Search: Exploration and Ambition on Uncharted Terrain. 2021. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w29127.pdf(752KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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