IDEAS home Printed from https://ideas.repec.org/a/udc/esteco/v20y1993i2p223-249.html
   My bibliography  Save this article

Search and the development of the economics of information

Author

Listed:
  • Steven Lippman
  • John McCall

Abstract

In this paper we trace the evolution of economic search theory and the concomitant accumulation of insights so as to elucidate is successes as well as its central location within the economics of information. The reason for the phenomenal success of search theory is twofold. First, Stigler’s fixed sample search was the first entrant in the literature to explicity model the acquisition of information; furthermore, it was elegant in its simplicity. Second, it was efficacious: it easily accommodated the application of standard methods to endogenously determine the amount of information acquired, thereby extending the Marshallian framework to allow for an explain such phenomena as idle resources and “violations” of the law of one price. After taking up Stigler’s pioneering 1961 paper, we continue by considering pre Stiglerian contributions acquisition and then McCall’s sequential search model and the mathematical developments leading up to it. Following a discussion of further developments in job search

Suggested Citation

  • Steven Lippman & John McCall, 1993. "Search and the development of the economics of information," Estudios de Economia, University of Chile, Department of Economics, vol. 20(2 Year 19), pages 223-249, December.
    • Handle: RePEc:udc:esteco:v:20:y:1993:i:2:p:223-249
    as

    Download full text from publisher

    File URL: http://www.econ.uchile.cl/uploads/publicacion/0bf97dad-cbd6-471d-8a07-5dfb96743fe6.pdf
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Arnold, Michael A. & Lippman, Steven A., 2000. "Elasticity of demand for search," Economics Letters, Elsevier, vol. 67(3), pages 309-314, June.
    2. Laura J. Kornish & Steven A. Lippman & John W. Mamer, 2011. "Search and the introduction of improved technologies," Naval Research Logistics (NRL), John Wiley & Sons, vol. 58(6), pages 578-594, September.
    3. Zhenyu Hu & Wenjie Tang, 2021. "Size Matters, So Does Duration: The Interplay Between Offer Size and Offer Deadline," Management Science, INFORMS, vol. 67(8), pages 4935-4960, August.

    More about this item

    Keywords

    Search Theory; information.;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:udc:esteco:v:20:y:1993:i:2:p:223-249. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Verónica Kunze (email available below). General contact details of provider: https://edirc.repec.org/data/deuclcl.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.