Future‐biased search: the quest for the ideal

Decision‐makers with ideal candidates already in mind often extend search beyond optimal endpoints when searching for the best option among a sequential list of alternatives. Extended search is investigated here using three laboratory experiments; individuals in these tasks exhibit future‐bias, delaying choice beyond normative benchmarks. Searchers' behavior is consistent with setting high thresholds based on a focal ideal outcome without full attention to its probability or the value of second‐best alternatives; the behavior is partially debiased by manipulating which outcomes are in the searchers' focal set. Documenting future‐bias in sequential search tasks offers new insights for understanding self‐control and intertemporal choice by providing a situation in which thresholds may be set too high and myopic behavior does not prevail. Copyright © 2008 John Wiley & Sons, Ltd.