Search, choice, and revealed preference
研究了不完全信息下选择是否反映偏好,通过分析暂定选择随时间演变的非标准数据,区分偏好与信息缺失的影响,并刻画了序列搜索和保留效用停止规则的特征。
With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider non-standard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data could have been generated by a general form of sequential search. We characterize also search that terminates based on a reservation utility stopping rule. We outline an experimental design that captures provisional choices in the pre-decision period.