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A simple satisficing model.

ABSTRACT: Economic theory is built on the assumption that people are omniscient utility maximizers. In reality, this is unlikely to be true and often people lack information about all alternatives that are available to them; either because the information is unavailable or that the cost of searching for and evaluating that information is high. In this paper, we develop a simple and tractable model that captures satisficing behavior. We show that the model can retrieve consistent parameters under a large range of experimental conditions. We test our model on synthetic data and present an empirical application. We discuss the implications of our results for the use of satisficing choice models in explaining choice.

SUBMITTER: Sandorf ED

PROVIDER: S-EPMC9550030 | biostudies-literature | 2022

REPOSITORIES: biostudies-literature

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A simple satisficing model.

Sandorf Erlend Dancke ED Campbell Danny D Chorus Caspar C

PloS one 20221010 10

Economic theory is built on the assumption that people are omniscient utility maximizers. In reality, this is unlikely to be true and often people lack information about all alternatives that are available to them; either because the information is unavailable or that the cost of searching for and evaluating that information is high. In this paper, we develop a simple and tractable model that captures satisficing behavior. We show that the model can retrieve consistent parameters under a large r ...[more]

PMID: 36215220

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