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"On page 2, "To maximize his utility, the buyer searches for additional prices until the expected saving from the purchase equals the cost of visiting one more dealer. Then he stops searching and buys from the dealer who quotes the lowest price he has encountered."
Amazing example at the start of a textbook. I LOVE Stigler." — Jul 14, 2026 01:42PM
"On page 2, "To maximize his utility, the buyer searches for additional prices until the expected saving from the purchase equals the cost of visiting one more dealer. Then he stops searching and buys from the dealer who quotes the lowest price he has encountered."
Amazing example at the start of a textbook. I LOVE Stigler." — Jul 14, 2026 01:42PM
