Econometrica

Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

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Econometrica

Econometrica: May, 1979, Volume 47, Issue 3

Optimal Search for the Best Alternative

https://doi.org/0012-9682(197905)47:3<641:OSFTBA>2.0.CO;2-1
p. 641-654

Martin L. Weitzman

This paper completely characterizes the solution to the problem of searching for the best outcome from alternative sources with different properties. The optimal strategy is an elementary reservation price rule, where the reservation prices are easy to calculate and have an intuitive economic interpretation.

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