| Abstract: | Search for low prices often requires that individuals make decisions not only about the optimal amount of search, but also about the optimal route to be taken through a set of known locations. In this paper, the fixed sample size strategy used in economic models of search is extended to account for the travel costs that are incurred as alternatives are examined. Analytical results for the optimal amount of search are given, and alternative routing algorithms for a modified version of the traveling-salesman problem are evaluated. |
