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- Title
Optimal Search and Discovery.
- Authors
Greminger, Rafael P.
- Abstract
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. This paper was accepted by Dmitri Kuksov, marketing.
- Subjects
SEARCH theory
- Publication
Management Science, 2022, Vol 68, Issue 5, p3904
- ISSN
0025-1909
- Publication type
Article
- DOI
10.1287/mnsc.2021.4085