Time horizons and the staging of search on rugged landscapes: A laboratory experiment

Abstract

This paper investigates how available time influences the staging of search. We inquire into this question using a laboratory experiment centered on a 2x2 design: shorter vs. longer time horizons and simple vs. complex search landscapes. When more time is available, search oscillates between later stopping and less risky experimentation. In contrast, when less time is available, it oscillates between earlier stopping and more risky experimentation, particularly when the level of complexity is higher. We further examine the frequency of search and the rhythm underlying the patterns of change. Search frequency improves the development of standard procedures able to enhance both average and maximum performance when more time is available. An irregular rhythm, characterized by an uneven pattern of changes, negatively moderates the effect of search frequency, especially when less time is available. On the whole, time surfaces as a unique type of resource that prompts decision makers to differently strike a balance in the way they stage exploration and exploitation. These findings contribute improving our understanding of the temporal unfolding nature of problemistic search.