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Publication year
Search and Satisficing
Resource type
Authors/contributors
- Caplin, Andrew (Author)
- Dean, Mark (Author)
- Martin, Daniel (Author)
Title
Search and Satisficing
Abstract
Many everyday decisions are made without full examination of all available options, and, as a result, the best available option may be missed. We develop a search-theoretic choice experiment to study the impact of incomplete consideration on the quality of choices. We find that many decisions can be understood using the satisficing model of Herbert Simon (1955): most subjects search sequentially, stopping when a "satisficing" level of reservation utility is realized. We find that reservation utilities and search order respond systematically to changes in the decision making environment. (JEL D03, D12, D83)
Publication
American Economic Review
Volume
101
Issue
7
Pages
2899-2922
Date
2011-12
Citation
Caplin, A., Dean, M., & Martin, D. (2011). Search and Satisficing. American Economic Review, 101, 2899–2922.
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