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T-Space at The University of Toronto Libraries >
Theoretical Economics >
Volume 6, Number 1 (January 2011) >

Please use this identifier to cite or link to this item: http://hdl.handle.net/1807/27178

Title: Search, choice, and revealed preference
Authors: Andrew Caplin; Department of Economics, New York University
Mark Dean; Department of Economics, Brown University
Keywords: Revealed preference, search theory, stochastic choice
D11, D83
Issue Date: 23-Jan-2011
Publisher: Theoretical Economics
Citation: Theoretical Economics; Vol 6, No 1 (2011)
Abstract: [This item is a preserved copy. To view the original, visit http://econtheory.org/] With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider non-standard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data could have been generated by a general form of sequential search. We characterize also search that terminates based on a reservation utility stopping rule. We outline an experimental design that captures provisional choices in the pre-decision period.
URI: http://hdl.handle.net/1807/27178
Other Identifiers: http://econtheory.org/ojs/index.php/te/article/view/20110019
Rights: Authors who publish in <i>Theoretical Economics</i> will release their articles under the <a href="http://creativecommons.org/licenses/by-nc/2.5/">Creative Commons Attribution-NonCommercial license</a>. This license allows anyone to copy and distribute the article for non-commercial purposes provided that appropriate attribution is given.
Appears in Collections:Volume 6, Number 1 (January 2011)

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