We study a setting where a buyer chooses one of several available options whose values are initially unknown but can be discovered through costly search. Search is sequential, with perfect recall, which implies it is optimal for the buyer to search until the best option encountered so far...

This paper studies the impact of Knightian uncertainty on the disposition of individuals in the lab to seize an irreversible investment. Subjects had the option to trade a safe endowment for a claim on the sum of future realizations from a geometric random walk. The drift of this profit process...

We investigate the overall impact of stock-out on individual consumers' information search behavior through both search-theoretic and experimental approaches. As the probability of stock-out increases, search intensity decreases, while the expected number of searches may increase. Such increases...