Satisficing choice procedures
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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.
Papi , M 2012 , ' Satisficing choice procedures ' Journal of Economic Behavior and Organization , vol 84 , no. 1 , pp. 451-462 . , 10.1016/j.jebo.2012.04.017
Journal of Economic Behavior and Organization
This is an author version of this article. The published version (c) 2012 Elsevier B.V. is available from http://www.sciencedirect.com
"Financial support from the Scottish Institute for Economic Research is gratefully acknowledged."
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