Satisficing Choice Procedures

Mauro Papi

doi:10.1016/j.jebo.2012.04.017

Satisficing Choice Procedures

Mauro Papi

Economics

Research output: Contribution to journal › Article › peer-review

19 Citations (Scopus)

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 language	English
Pages (from-to)	451-462
Number of pages	12
Journal	Journal of Economic Behavior and Organization
Volume	84
Issue number	1
Early online date	4 May 2012
DOIs	https://doi.org/10.1016/j.jebo.2012.04.017
Publication status	Published - Sep 2012

Keywords

Bounded rationality
Consideration Set
Revealed Preference
Satisficing
Search

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title = "Satisficing Choice Procedures",

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 {\textquoteleft}satisficing{\textquoteright} 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. ",

keywords = "Bounded rationality, Consideration Set, Revealed Preference, Satisficing, Search",

author = "Mauro Papi",

note = "This paper is based on a chapter of my PhD dissertation. I would like to thank Jose Apesteguia, Miguel A. Ballester, Barton Lipman, Paola Manzini, Marco Mariotti, Ricardo A. Marques Pereira, Yusufcan Masatlioglu, Luigi Mittone, William Neilson, Nicholas C. Yannelis, and two anonymous referees for their helpful suggestions. I am also grateful to the seminar audience at the universities Autonoma de Barcelona, Pompeu Fabra, St.Andrews, and Trento and the participants at the 11th SAET meeting (2011, Faro) and EEA-ESEM conference (2011, Oslo) for their interesting comments. Financial support from the Scottish Institute for Economic Research is gratefully acknowledged. Any error is my own responsibility.",

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N2 - 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.

AB - 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.

KW - Bounded rationality

KW - Consideration Set

KW - Revealed Preference

KW - Satisficing

KW - Search

U2 - 10.1016/j.jebo.2012.04.017

DO - 10.1016/j.jebo.2012.04.017

M3 - Article

VL - 84

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JO - Journal of Economic Behavior and Organization

JF - Journal of Economic Behavior and Organization

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