Status Updates From The Theory of Price

"To maximize his utility, the buyer searches for additional prices until the expected saving from the purchase equals the cost of visiting one more dealer. Then he stops searching and buys from the dealer who quotes the lowest price he has encountered."

Amazing example at the start of a textbook. I LOVE Stigler.

Suppose you were looking to buy a specific car, let's say a build of Lincoln. You know that sellers would offer different prices, but you don't know every seller's price or location.
When you survey the sellers, you will soon encounter a low enough price; and every subsequent visit will offer—highly probably—a higher price around the average. You will stop searching when the price-difference expected isn't worth it.