This paper develops and tests a model of sequential decision making where a first stage of ranking a set of alternatives is followed by a second stage of determining the value of these same alternatives. The model assumes a boundedly rational Bayesian decision maker who is uncertain about...

Professional services firms (e.g. Consultants, Accounting Firms or Advertising Agencies) generate and sell business solutions to their customers. In doing so, they can leverage the cumulative experience gained from serving their customer base to either reduce their variable costs or increase the...