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 …

Organizations engage in search whenever they perform nonroutine tasks, such as the definition and validation of a new … strategy, the acquisition of new capabilities, or new product development. Previous work on search and organizational hierarchy … cost of solution quality compared with results of a decentralized search. Our study uses a formal model and simulations to …

A dynamic equilibrium model of an economy with underground trade is developed in which agents devote effort to search …