Events at CERGE-EI

Dr. Adam Sanjurjo

University of Alicante, Spain

Abstract: Behavior in rich search environments has recently been found to deviate systematically and substantially from optimal search.  While the cause of these deviations is still unknown, they have been shown to reduce memory load for searchers.  Here, an experiment tests whether such deviations are incentive compatible, by measuring whether or not reduced search memory loads result in reduced rates of choice error.  In each search task, subjects are made to search in one of two orders; a high, or a low memory load order.  Low memory load searchers are found to choose the best alternative at a substantially higher rate than high memory load searchers, when holding the information searched constant.  This result suggests that observed systematic deviations from “optimal search” may actually be optimal in a slightly richer model.

Full Text:  “Search, Memory, and Choice: An Experiment”