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decision analysis: sequential 1 dynamic programming: Bayesian 1 utility/preference: applications 1
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Harstad, Ronald M. 1 Postlewaite, Andrew 1
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Management Science 1
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Expected-Utility-Maximizing Price Search with Learning
Harstad, Ronald M.; Postlewaite, Andrew - In: Management Science 27 (1981) 1, pp. 75-80
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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