Better Heuristics for Economic Search — Experimental and Simulation Evidence
Bibliographic Data
| ID | 12165809 |
|---|---|
| Authors | Philip Moon (0000-0002-8609-4516, University of Warwick, corresponding author), Andrew Martin (0000-0002-8038-0255, University of Warwick) |
| Year | 1990 |
| Volume | 3 |
| Issue | 3 |
| Pages | 175-193 |
| Publication date | 1990-07-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Journal of Behavioral Decision Making (JOURNAL) |
| Journal identifiers | ISSN: 0894-3257 • E-ISSN: 1099-0771 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1002/bdm.3960030303 |
| OpenAlex | W1990019212 |
| Language | EN |
| Citations received | 4 |
| References cited | 9 |
Heuristic strategies for search for the most economic price of a good (including search cost) are experimentally generated, rigorously tested and their utility compared with previous work. Strategies are identified which significantly out‐perform previous rules or are more likely to be used in practice, both with and without detailed knowledge of the underlying price distribution. Some ‘expert strategies’ are also suggested
Econometrics · Economics · Heuristic · Heuristics · Machine learning · Management science · Work (physics · Auction Theory and Applications · Computer Science · Consumer Market Behavior and Pricing · Decision-Making and Behavioral Economics · Engineering · Artificial Intelligence
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| Citations per year | 0.12 |
|---|---|
| Citation span | 1992 - 2012 (21) |
| Highly cited | No |