– persistence despite failures – to ensure broad search for good solutions. Using an agent-based simulation model, I show that the … link between patience and innovation is complex: Moderate levels of patience promote broad and effective search. High … search. Furthermore, because translating the gains of patience into performance improvements requires time, low levels of …

firms to choose even more excess complexity. Firms with lower intrinsic quality and higher production costs choose the most … excess complexity. Educating consumers to reduce their evaluation noise would generate large welfare gains. But the gains …

Firms simultaneously set prices in a homogeneous-product market where uninformed consumers search for price information …. Some uninformed consumers are “local” searchers who visit only one seller, whereas others search sequentially with an … benefits all consumers. A reduction in search cost sometimes leads to higher equilibrium prices. …

Firms simultaneously set prices in a homogeneous-product market where uninformed consumers search for price information …. Some uninformed consumers are local searchers who visit only one seller, possibly due to high search costs or bounded … rationality; whereas others search sequentially with an optimal reservation price. Equilibrium prices may follow a mixture …

In this paper we use search theory to model the decision making process of boundedly rational agents. In the canonical … (sequential) search approach, each decision maker is deemed to acquire new information, at random intervals of time, regarding the … stopping rule in which the search process terminates as soon as information is revealed that indicates that the agent's payoff …

This paper analyses the role of information in the search process. Ibuild a simple model of a good with two random … which neither affect expected utility norits variance. These changes have a great impact on the search behaviour …:the customer may start to search the characteristics and buy the goodeven if she did not do so before. The optimal search rule is …

The potential distortions of job-search incentives caused by unemployment benefits and their financing are well known …