Search, choice, and revealed preference

• 成果类型: Article
• 署名作者: Caplin, Andrew; Dean, Mark
• 署名单位: New York University; Brown University
• 刊物名称: THEORETICAL ECONOMICS
• ISSN/ISSBN: 1555-7561
• DOI: 10.3982/TE592
• 发表日期: 2011-01-01
• 页码: 19-48
• 关键词: Revealed preference; search theory; incomplete information; framing effects; status quo bias; bounded rationality; stochastic choice; decision time

摘要

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 nonstandard 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.