Optimal Search and Discovery

• 成果类型: Article
• 署名作者: Greminger, Rafael P.
• 署名单位: Tilburg University
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2021.4085
• 发表日期: 2022
• 页码: 3904-3924
• 关键词: limited awareness; search theory; INFORMATION; consideration set; optimal search policy

摘要

This paper studies a search problem in which a consumer is initially aware of only a few products. At every point in time, the consumer then decides between searching among alternatives of which he is already aware and discovering more products. I show that the optimal policy for this search and discovery problem is fully characterized by tractable reservation values. Moreover, I prove that a predetermined index fully specifies the purchase decision of a consumer following the optimal search policy. Finally, a comparison highlights differences to classical random and directed search.