Satisficing Choice Procedures

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Abstract

A challenging issue in modern choice theory is how to enrich the kind of data available to the researcher along with our understanding of the decision-making process. We propose an axiomatic characterization of the ‘satisficing’ heuristic under various informational structures. In particular we examine the cases in which search behavior is both observable, partially observable, and unobservable. We also investigate behavioral definitions of preference and satisfaction and establish uniqueness results. Finally, we relate our framework to several well-known existing models.
Original languageEnglish
Pages (from-to)451-462
Number of pages12
JournalJournal of Economic Behavior and Organization
Volume84
Issue number1
Early online date4 May 2012
DOIs
Publication statusPublished - Sep 2012

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Keywords

  • Bounded rationality
  • Consideration Set
  • Revealed Preference
  • Satisficing
  • Search

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