Searching for a theory

Search theory which originated from operations research was first introduced into microeconomics in the 1960s. Typical applications are the commodities' markets, investment fields or labour markets. Search theory can replace the model of frictionless transactions between purchasers and suppliers and the statement of equilibrium prices. The quest for trade alternatives becomes a fundamental feature on markets if economic decisions habe to be made in a climate of uncertainty and without full information. Despite this demand, search theory has not developed so dynamically as comparable theories. This review article defines the potential of search theory in economics, indicates its chronological development and sheds light on some apathy towards search tehory. The evaluation is based both on qualitative and quantitative assessments using bibliometrics data to measure the research output in time series.