Search Decisions with Limited Memory

S-Tier
Journal: Review of Economic Studies
Year: 1991
Volume: 58
Issue: 1
Pages: 1-14

Score contribution per author:

8.073 = (α=2.02 / 1 authors) × 4.0x S-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

This paper concerns a decision problem of an agent, searching to find a low price, whose memory is represented by a partition of the set of possible past prices. The number of elements in the partition is limited. I characterize the optimal partition for the case of a single decision, and then consider memory allocation among several decisions. I consider a case in which a consumer who must allocate a single bit of memory among two decision problems would do better to allocate it exclusively to one of the problems than to use it to convey joint information about both.

Technical Details

RePEc Handle
repec:oup:restud:v:58:y:1991:i:1:p:1-14
Journal Field
General
Author Count
1
Added to Database
2026-01-25