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22.05. BGSE Workshop: Dan Fershtman

BGSE Workshop with Dan Fershtman (University of Bonn)

Event details
  • BGSE Workshop
When May 22, 2019
from 12:00 to 13:00
Where Room 0.017
Contact Name Stephan Lauermann
Contact Email
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 Searching for Arms



 We study a model of experimentation in which the set of

alternatives is endogenously shaped by past search decisions. The environment reflects a tradeoff between exploration of existing alternatives and search for additional ones, in the face of uncertainty about the set of outside alternatives that may be discovered. Despite the effect of search on the future set of alternatives and potential correlation between the types of alternatives found over time, we obtain a simple characterization of
the optimal policy. As a special case, the analysis yields a generalization of Weitzman's (1979) canonical sequential search problem, and its solution, to an environment in which the set of boxes is endogenous.



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