Satisficing choice procedures

Mauro Papi

doi:10.1016/j.jebo.2012.04.017

Satisficing choice procedures

Mauro Papi

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

Abstract

Standard choice theory assumes that the budget set is known to the decision-maker in advance. In contrast, we develop a model in which alternatives are examined sequentially and decision-makers exhibit `satisficing' attitudes. We axiomatically characterize our model and investigate behavioral definitions of satisfaction, attention, and preference under various choice domains. Moreover, we relate our framework to several well-known existing models.

Original language	English
Pages (from-to)	451-462
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 - Sept 2012

Keywords

Bounded rationality
Consideration set
Revealed preference
Satisficing
Search

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10.1016/j.jebo.2012.04.017

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This is an author version of this article. The published version (c) 2012 Elsevier B.V. is available from http://www.sciencedirect.com
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KW - Bounded rationality

KW - Consideration set

KW - Revealed preference

KW - Satisficing

KW - Search

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Satisficing choice procedures

Abstract

Keywords

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