This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken … into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under … perfect recall. Under costly recall, the optimal search behaviour is nonstationary and, moreover, the reservation price is not …

This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken … into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under … perfect recall. Under costly recall, the optimal search behaviour is nonstationary and, moreover, the reservation price is not …

This paper builds a consumer search model where the cost of going back to stores already searched is explicitly taken … into account. We show that the optimal search rule under costly recall is very different from the optimal search rule under … perfect recall. Under costly recall, the optimal search behaviour is nonstationary and, moreover, the reservation price is not …

costs of search with its marginal benefit. The consumer can maximize the utility of his consumption-leisure choice with … regard to the equality of marginal values of search. Therefore, the satisficing decision procedure results in the optimizing …

equalizes marginal costs of search with its marginal benefits. The implicit optimal choice results in the explicit satisficing …

The synthesis of the G.Sigler’s rule of the optimal search with the classical individual labor supply model enlarges … the understanding of the phenomenon of money flexibility. The constraints of the search model makes the Lagrangian …

When expected savings on purchases are greater than the wage rate, the optimal search results in the negative marginal … utility of leisure. The search transforms the classical backward bending effect and the leisure becomes complementary to the … search. Consumers compensate “bad” leisure by status goods of exceptional quality on markets with high price dispersion …

costs of search with its marginal benefit. The consumer can maximize the utility of his consumption-leisure choice with … regard to the equality of marginal values of search. Therefore, the satisficing decision procedure results in the optimizing …

outside option, which is modeled as a sequential search process during which he can also choose to return to bargaining at any … time. Two cases considered: In Regime I, both agents have symmetric information about the search parameters. We find that …, delay is possible. The solution characterizes the parameters for renegotiation and those for search with no return to the …

This paper uses the example of an exam to model multi-dimensional search under a deadline. When the dimension is two …, an order-invariance property allows simple characterization of the optimal search policy. Behavior is shown to be highly …; this increases complexity of the problem of finding the optimal search policy. …