סמינר בניהול אסטרטגיה וכלכלת עסקים

08 בדצמבר 2021, 12:00 
חדר 302+זום 
סמינר בניהול אסטרטגיה וכלכלת עסקים

Speaker: Daniel Fershtman (TAU)

Title:    Searching for “Arms”: Experimentation with Endogenous Consideration Sets (abstract below)

 

Abstract:  We study the problem of a decision maker alternating between exploring existing alternatives in the consideration set and searching for new ones. We characterize the optimal policy and identify implications for search and exploration dynamics. When the search technology is stationary or improves over time, search is equivalent to replacement. With deteriorating technologies, instead, alternatives are revisited after search is launched and each expansion is treated as if it were the last one. We show that the comparative statics with an endogenous consideration set can be qualitatively different from those with an exogenous one. For example, improvements in a category of alternatives may lead to a reduction in the category’s usage as well as in the eventual selection of an alternative from that category. We apply the analysis to the administration of medical treatments, clinical trials toward regulatory approval, Weitzman (1979)’s Pandora’s boxes problem, and online consumer search.

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