Expected-Utility-Maximizing Price Search with Learning

We consider a model of search when the distribution of prices (wages) is unknown. The effect of changing the objective function from minimizing expected cost to maximizing expected utility is examined.

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Year of publication:	1981
Authors:	Harstad, Ronald M. ; Postlewaite, Andrew
Published in:	Management Science. - Institute for Operations Research and the Management Sciences - INFORMS, ISSN 0025-1909. - Vol. 27.1981, 1, p. 75-80
Publisher:	Institute for Operations Research and the Management Sciences - INFORMS
Subject:	decision analysis: sequential \| dynamic programming: Bayesian \| utility/preference: applications

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Extent:	application/pdf
Type of publication:	Article
Other identifiers:	10.1287/mnsc.27.1.75 [DOI]
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10009209097