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Good Enough

Salador Barera and Kareen Rozen

No 2018-12, Working Papers from Brown University, Department of Economics

Abstract: A decision maker may not perfectly maximize her preference over the feasible set. She may feel it is good enough to maximize her preference over a sufficiently large consideration set; or just require that her choice is sufficiently well-ranked (e.g., in the top quintile of options); or even endogenously determine a threshold for what is good enough, based on an initial sampling of the options. We introduce and investigate a class of theories, Order-k Rationality, encompassing heuristics such as these.

New Economics Papers: this item is included in nep-mic
Date: 2018
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