Showing 1 - 10 of 1,713
In traditional sequential search models, players face ex ante uncertainty prior to each search but obtain certain … modified sequential search model with ex post uncertainty in which the uncertainty cannot be fully eliminated by the search. In …
Persistent link: https://www.econbiz.de/10014082556
We study global and local dynamics of a simple search and matching model of the labor market. We show that the model can be locally indeterminate or have no equilibrium at all, but only for parameterizations that are empirically implausible. In contrast to the local results, we show that the...
Persistent link: https://www.econbiz.de/10012945249
We introduce and solve a new class of quot;downward-recursivequot; static portfolio choice problems. An individual simultaneously chooses among ranked stochastic options, and each choice is costly. In the motivational application, just one may be exercised from those that succeed. This often...
Persistent link: https://www.econbiz.de/10012774490
This paper studies a dynamic quantile model for intertemporal decisions under uncertainty, in which the decision maker … quantile-based version of the job-search model with uncertainty. …
Persistent link: https://www.econbiz.de/10015332600
This paper applies queueing theory to derive the equilibrium of a labor market with frictions. Queueing arises when workers can get jobs by waiting at a firm for a position to open. Queueing theory provides expressions for the expected numbers of vacancies, searching workers and queueing...
Persistent link: https://www.econbiz.de/10013144728
I introduce a simple model of memory load in multiple attribute search and prove which types of search behavior require the least amount of memory load. The model is easily implementable and tracks choice error rates in the lab. The results on minimum memory load search can be used to explain a...
Persistent link: https://www.econbiz.de/10014143158
Multiple attribute search is a central feature of economic life: we consider much more than price when purchasing a home, and more than wage when choosing a job. Nevertheless, while single attribute search problems have been studied extensively, little is known about optimal search in multiple...
Persistent link: https://www.econbiz.de/10012973045
The current paper defines the optimal sequential information gathering structure of rational utility maximizer decision makers and illustrates numerically how their incentives to gather information among different goods decrease in their degree of risk aversion
Persistent link: https://www.econbiz.de/10013101195
In many real-life decisions, either information about alternatives is missing, or decision makers have limited cognitive capacity to go through all alternatives. To capture these situations, we propose and axiomatically characterize a new descriptive search model in which a decision maker...
Persistent link: https://www.econbiz.de/10013160298
This paper's objective is to design a laboratory experiment to explore the effect of ambiguity on a subject's search behavior in a finite-horizon sequential search model. In so doing, we employ a new approach to observe the potential trend of reservation points that is usually unobserved. We...
Persistent link: https://www.econbiz.de/10010239264