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Title: Satisficing choice procedures
Authors: Papi, Mauro
Keywords: Bounded rationality
Consideration set
Revealed preference
HB Economic Theory
Issue Date: Sep-2012
Citation: Papi , M 2012 , ' Satisficing choice procedures ' Journal of Economic Behavior and Organization , vol 84 , no. 1 , pp. 451-462 .
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.
Version: Postprint
Description: "Financial support from the Scottish Institute for Economic Research is gratefully acknowledged."
Status: Peer reviewed
ISSN: 0167-2681
Type: Journal article
Rights: This is an author version of this article. The published version (c) 2012 Elsevier B.V. is available from
Appears in Collections:University of St Andrews Research
Economics & Finance Research

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