Econometrica: May 1979, Volume 47, Issue 3

Optimal Search for the Best Alternative

https://doi.org/0012-9682(197905)47:3<641:OSFTBA>2.0.CO;2-1
p. 641-654

Martin L. Weitzman

This paper completely characterizes the solution to the problem of searching for the best outcome from alternative sources with different properties. The optimal strategy is an elementary reservation price rule, where the reservation prices are easy to calculate and have an intuitive economic interpretation.

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