Maximizing versus satisficing in the digital age: disjoint scales and the case for “construct consensus”

Raffaella Misuraca and Barbara Fasolo

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: A question facing us today, in the new and rapidly evolving digital age, is whether searching for the best option – being a maximizer – leads to greater happiness and better outcomes than settling on the first good enough option found – or “satisficing.” Answers to this question inform behavioural insights to improve well-being and decision-making in policy and organizational settings. Yet, the answers to this fundamental question of measurement of the happiness of a maximizer versus a satisficer in the current psychological literature are: 1) conflicting; 2) anchored on the use of the first scale published to measure maximization as an individual-difference, and 3) unable to describe the search behaviour of decision makers navigating the digital world with tools of the 21st century - apps, smartphones or tablets, and most often all of them. We present, based on a review and analysis of the literature and scales, a call to stop the development of more maximization scales. Furthermore, we articulate the argument for a re-definition of maximizing that balances the face validity of the construct and the relevance to decision making in an age of digital tools so that future scales are useful for future choice architects and researchers

Keywords: maximizing; satisficing; individual differences; decision making; scale anchoring bias; digital search tools. (search for similar items in EconPapers)
JEL-codes: J50 (search for similar items in EconPapers)
Date: 2018-01-15
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Published in Personality and Individual Differences, 15, January, 2018, 121, pp. 152-160. ISSN: 0191-8869

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