Maenner, Eliot; Laing, Derek - Society for Economic Dynamics - SED - 2004
In this paper we use search theory to model the decision making process of boundedly rational agents. In the canonical … (sequential) search approach, each decision maker is deemed to acquire new information, at random intervals of time, regarding the … stopping rule in which the search process terminates as soon as information is revealed that indicates that the agent's payoff …