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Multi-dimensional search: choosing the right path

Author

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  • Nigel Wadeson

Abstract

This article seeks to analyse processes of decision-making where multiple costly observations can be made about individual decision outcomes. It presents a simple model of a decision in which information is collected sequentially. Most economic models of sequential collection of costly information have focused on price-search. It is argued that this is a very specialized type of search. This has led such models to focus on the issue of when search should stop. The article attempts to show how the principles of sequential search can be applied to other types of problems, such as innovation, where the choice of path is also of central concern.

Suggested Citation

  • Nigel Wadeson, 2004. "Multi-dimensional search: choosing the right path," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 11(3), pages 287-301.
    • Handle: RePEc:taf:ijecbs:v:11:y:2004:i:3:p:287-301
    DOI: 10.1080/1357151042000286410
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    Citations

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    Cited by:

    1. Mark Casson & Nigel Wadeson, 2007. "The Discovery of Opportunities: Extending the Economic Theory of the Entrepreneur," Small Business Economics, Springer, vol. 28(4), pages 285-300, April.
    2. Nigel Wadeson, 2010. "Directed search with real options," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 19(6), pages 569-582.

    More about this item

    Keywords

    Information Logistics; Search; Decision; JEL Classification: D83; D21; D23; L20;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General

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