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Search and Satisficing
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DOI：10.1257/aer.101.7.2899.png)
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摘要
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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.
Keyword:
CHOICE
INFORMATION
PREFERENCE
ECONOMICS
UTILITY
MODEL
期刊
IF:
11.6
论文数:
5.0K
被引数:
7.5W
机构
引用论文
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AMERICAN ECONOMIC REVIEW
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