A Heuristic Approach to Explore: The Value of Perfect Information

The authors thank three reviewers, the associate editor, and the editor, Gui Liberali, for comments and suggestions, which significantly improved the paper; Sridhar Moorthy, Tanjim Hossain, and Matthew Osborne for valuable discussions; the seminar participants at Wharton, University of Southern California, Washington U-St Louis, University of British Columbia, University of Michigan, University of Virginia, Hong Kong University of Science and Technology, Johns Hopkins University, Imperial College of London, Korea University, Erasmus University, Koc University, Sabanci University, Bilkent University, and Deakin University for helpful comments; participants at Behavioral Industrial Organization & Marketing Symposium, UTD FORMS Conference, Marketing Science Conference, MAB and Learning Algorithms Conference, AMA Summer Conference for helpful feedback; and Song Lin for sharing the data set used in his previous research.