Search from an unknown distribution: An explicit solution
type: Item
instance of: scholarly article
title: Search from an unknown distribution: An explicit solution
zbMATH Open document ID: 0756.90031
DOI: 10.1016/S0022-0531(05)80045-6
author: Gabriel Talmain
published in: Journal of Economic Theory
publication date: 1993-01-16T00:00:00Z
review text: This paper derives the optimal strategy of an agent who searches with recall from an unknown distribution and who holds Dirichlet beliefs. Providing his priors are accurate, this searcher will immediately accept an offer which would have terminated his search had he known for sure the distribution, but if unlucky he may eventually accept a lower wage. In the latter case, as he accumulates more experience, he is increasingly reluctant to do so. This paper also explains why some workers become discouraged.
reviewed by: Gabriel Talmain
Mathematics Subject Classification ID: 91B40
Mathematics Subject Classification ID: 60G40
Mathematics Subject Classification ID: 90B40
zbMATH DE Number: 89320
zbMATH Keywords: Bayesian search
zbMATH Keywords: optimal strategy
zbMATH Keywords: Dirichlet beliefs
MaRDI profile type: Publication
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description: scientific article; zbMATH DE number 89320