An Experimental Test of a Search Model under Ambiguity

著者
Takao Asano, Hiroko Okudaira and Masaru Sasaki
シリーズ
MQ Discussion Series
DP番号
2015-001
公開年月
January 2015
言語
英語
URL
ファイル
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Summary

The objective of this study is to design a laboratory experiment to explore the effect of ambiguity on a subject’s search behavior in a finite-horizon sequential search model. In so doing, we employ a strategy to observe the potential trend of reservation points that is usually unobserved. We observe that subjects behaving consistently across treatments reduce their reservation points in the face of ambiguity over point distribution. Our result is consistent with the theoretical implication obtained by Nishimura and Ozaki (Journal of Economic Theory 2004).

 
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