Print Email Facebook Twitter A simple satisficing model Title A simple satisficing model Author Sandorf, Erlend Dancke (Norwegian University of Life Sciences (NMBU)) Campbell, Danny (Stirling University Management School, Scotland) Chorus, C.G. (TU Delft Industrial Design Engineering) Faculty Industrial Design Engineering Date 2022 Abstract Economic theory is built on the assumption that people are omniscient utility maximizers. In reality, this is unlikely to be true and often people lack information about all alternatives that are available to them; either because the information is unavailable or that the cost of searching for and evaluating that information is high. In this paper, we develop a simple and tractable model that captures satisficing behavior. We show that the model can retrieve consistent parameters under a large range of experimental conditions. We test our model on synthetic data and present an empirical application. We discuss the implications of our results for the use of satisficing choice models in explaining choice. To reference this document use: http://resolver.tudelft.nl/uuid:3baeddc3-2d02-43c9-806c-698079822cf1 DOI https://doi.org/10.1371/journal.pone.0275339 ISSN 1932-6203 Source PLoS ONE, 17 (10 October), e0275339 Part of collection Institutional Repository Document type journal article Rights © 2022 Erlend Dancke Sandorf, Danny Campbell, C.G. Chorus Files PDF journal.pone.0275339.pdf 1.92 MB Close viewer /islandora/object/uuid:3baeddc3-2d02-43c9-806c-698079822cf1/datastream/OBJ/view