Search Theory
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High Quality Content by WIKIPEDIA articles! In economics, search theory (or just search) is the study of an individual's optimal strategy when choosing from a series of potential opportunities of random quality, given that delaying choice is costly. Search models illustrate how best to balance the cost of delay against the value of the option to try again. Two common settings for these models (and their empirical applications) are a worker's search for a job, in labor economics, and a consumer's search for a product they wish to purchase, in consumer theory. From a worker's perspective, an acc...
High Quality Content by WIKIPEDIA articles! In economics, search theory (or just search) is the study of an individual's optimal strategy when choosing from a series of potential opportunities of random quality, given that delaying choice is costly. Search models illustrate how best to balance the cost of delay against the value of the option to try again. Two common settings for these models (and their empirical applications) are a worker's search for a job, in labor economics, and a consumer's search for a product they wish to purchase, in consumer theory. From a worker's perspective, an acceptable job would be one that pays a high wage, one that offers desirable benefits, and/or one that offers pleasant and safe working conditions. From a consumer's perspective, a product worth purchasing would have sufficiently high quality, and be offered at a sufficiently low price. In both cases, whether a given job or product is acceptable depends on the searcher's beliefs about the alternatives available in the market.
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