Satisficing choice procedures

Mauro Papi

Journal of Economic Behavior & Organization, 2012, vol. 84, issue 1, 451-462

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.

Keywords: Bounded rationality; Consideration set; Revealed preference; Satisficing; Search (search for similar items in EconPapers)
JEL-codes: D01 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (23)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:84:y:2012:i:1:p:451-462

DOI: 10.1016/j.jebo.2012.04.017

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