698:. That is, the set of optimum actions is a subset of the set of satisficing options. So, when an agent satisfices, then she will choose from a larger set of actions than the agent who optimizes. One way of looking at this is that the satisficing agent is not putting in the effort to get to the precise optimum or is unable to exclude actions that are below the optimum but still above aspiration.
56:. Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined. He maintained that many natural problems are characterized by computational intractability or a lack of information, both of which preclude the use of mathematical optimization procedures. He observed in his
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doing what they are doing (unlike the optimizing firm which would always strive to earn the highest profits possible). However, if the firms are earning below aspiration, then they try something else, until they get into a situation where they attain their aspiration level. It can be shown that in this economy, satisficing leads to
177:
costs, including the cost of the optimization calculations themselves and the cost of getting information for use in those calculations, are considered. As a result, the eventual choice is usually sub-optimal in regard to the main goal of the optimization, i.e., different from the optimum in the case
857:
The distinction between satisficing and maximizing not only differs in the decision-making process, but also in the post-decision evaluation. Maximizers tend to use a more exhaustive approach to their decision-making process: they seek and evaluate more options than satisficers do to achieve greater
451:
In my opinion there is room for both 'optimizing' and 'satisficing' models in business economics. Unfortunately, the difference between 'optimizing' and 'satisficing' is often referred to as a difference in the quality of a certain choice. It is a triviality that an optimal result in an optimization
159:
Example: A group spends hours projecting the next fiscal year's budget. After hours of debating they eventually reach a consensus, only to have one person speak up and ask if the projections are correct. When the group becomes upset at the question, it is not because this person is wrong to ask, but
139:
Example: An individual who only seeks a satisfactory retirement income may not know what level of wealth is requiredâgiven uncertainty about future pricesâto ensure a satisfactory income. In this case, the individual can only evaluate outcomes on the basis of their probability of being satisfactory.
97:
Two traditions of satisficing exist in decision-making research: Simonâs program of studying how individuals or institutions rely on heuristic solutions in the real world, and the program of finding optimal solutions to problems simplified by convenient mathematical assumptions (so that optimization
827:
amongst firms: competition between firms leads to lower profits for one or both of the firms in a duopoly. This means that competition is unstable: one or both of the firms will fail to achieve their aspirations and hence try something else. The only situation which is stable is one where all firms
822:
once said, "This is the criterion by which the economic system selects survivors: those who realize positive profits are the survivors; those who suffer losses disappear"). We can then think what happens over time. If firms are earning profits at or above their aspiration level, then they just stay
130:
Example: A task is to sew a patch onto a pair of blue pants. The best needle to do the threading is a 4-cm-long needle with a 3-millimeter eye. This needle is hidden in a haystack along with 1,000 other needles varying in size from 1 cm to 6 cm. Satisficing claims that the first needle that can sew
125:
Note that aspiration-level adaptation is a process model of actual behavior rather than an as-if optimization model, and accordingly requires an analysis of how people actually make decisions. It allows for predicting surprising effects such as the âcheap twin paradox,â where two similar cars have
120:
Example: Consider pricing commodities. An analysis of 628 used car dealers showed that 97% relied on a form of satisficing. Most set the initial price α in the middle of the prize range of comparable cars and lowered the price if the car was not sold after 24 days (ÎČ) by about 3% (Îł). A minority
106:
Heuristic satisficing refers to the use of aspiration levels when choosing from different paths of action. By this account, decision-makers select the first option that meets a given need or select the option that seems to address most needs rather than the "optimal" solution. The basic model of
418:
80:
is a branch of bounded rationality that views moral behavior as based on pragmatic social heuristics rather than on moral rules or optimization principles. These heuristics are neither good nor bad per se, but only in relation to the environments in which they are used. Some
60:
speech that "decision makers can satisfice either by finding optimum solutions for a simplified world, or by finding satisfactory solutions for a more realistic world. Neither approach, in general, dominates the other, and both have continued to co-exist in the world of
439:). Thus, from a decision theory point of view, the distinction between "optimizing" and "satisficing" is essentially a stylistic issue (that can nevertheless be very important in certain applications) rather than a substantive issue. What is important to determine is
121:(19%), mostly smaller dealerships, set a low intitial price and kept it unchanged (no Step 3). The car dealers adapted the parameters to their business environment. For instance, they decreased the waiting time b by about 3% for each additional competitor in the area.
854:, in which decision-making tendencies are self-reported by each member of a twinned pair and then compared between monozygotic and dizygotic twins. This implies that people can be categorized into "maximizers" and "satisficers", with some people landing in between.
802:
What determines the aspiration level may be derived from past experience (some function of an agent's or firm's previous payoffs), or some organizational or market institutions. For example, if we think of managerial firms, the managers will be expected to earn
858:
satisfaction. However, whereas satisficers tend to be relatively pleased with their decisions, maximizers tend to be less happy with their decision outcomes. This is thought to be due to limited cognitive resources people have when their
160:
rather because the group has already come up with a solution that works. The projection may not be what will actually come, but the majority agrees on one number and thus the projection is good enough to close the book on the budget.
2140:
Holbrook, A.; Green, M.; Krosnick, J. (2003). "Telephone versus Face-to-Face
Interviewing of National Probability Samples with Long Questionnaires: Comparisons of Respondent Satisficing and Social Desirability Response Bias".
140:
If the individual chooses that outcome which has the maximum chance of being satisfactory, then this individual's behavior is theoretically indistinguishable from that of an optimizing individual under certain conditions.
1149:(page 129: "Evidently, organisms adapt well enough to 'satisfice'; they do not, in general, 'optimize'."; page 136: "A 'satisficing' path, a path that will permit satisfaction at some specified level of all its needs.")
617:. The aspiration level is the payoff that the agent aspires to: if the agent achieves at least this level it is satisfied, and if it does not achieve it, the agent is not satisfied. Let us define the aspiration level
635:. Clearly, whilst it is possible that someone can aspire to something that is better than the optimum, it is in a sense irrational to do so. So, we require the aspiration level to be at or below the optimum payoff.
190:, the process of finding a solution satisfying a set of constraints, without concern for finding an optimum. Any such satisficing problem can be formulated as an (equivalent) optimization problem using the
301:
485:
not as a goal to be maximized, but as a constraint. Under these theories, a critical level of profit must be achieved by firms; thereafter, priority is attached to the attainment of other goals.
862:, forcing maximizers to not make an optimal choice. Because maximization is unrealistic and usually impossible in everyday life, maximizers often feel regretful in their post-choice evaluation.
135:
A crucial determinant of a satisficing decision strategy concerns the construction of the aspiration level. In many circumstances, the individual may be uncertain about the aspiration level.
126:
substantially different price tags in the same dealership. The reason is that one car entered the dealership earlier and had at least one change in price at the time the second car arrived.
818:. The endogenous aspiration level is the average profit in the economy. This represents the power of the financial markets: in the long-run firms need to earn normal profits or they die (as
828:
achieve their aspirations, which can only happen when all firms earn average profits. In general, this will only happen if all firms earn the joint-profit maximizing or collusive profit.
273:
2095:
Bearden, J. N.; Connolly, T. (2008). "On
Optimal Satisficing: How simple policies can achieve excellent results". In Kugler, T.; Smith, J. C.; Connolly, T.; et al. (eds.).
565:
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by their shareholders. Other institutions may have specific targets imposed externally (for example state-funded universities in the UK have targets for student recruitment).
1890:
Simonson, I.; Sela, A. (2011). "On the heritability of consumer decision making: An exploratory approach for studying genetic effects on judgment and choice".
705:(that means you choose your actions so that the payoff is within epsilon of the optimum). If we define the "gap" between the optimum and the aspiration as
131:
on the patch is the one that should be used. Spending time searching for that one specific needle in the haystack is a waste of energy and resources.
762:
Apart from the behavioral theory of the firm, applications of the idea of satisficing behavior in economics include the
Akerlof and Yellen model of
850:
traits, have a strong genetic component and endure over time. This genetic influence on decision-making behaviors has been found through classical
144:
Another key issue concerns an evaluation of satisficing strategies. Although often regarded as an inferior decision strategy, specific satisficing
897:
Strong satisficing: Respondent offers responses that will seem reasonable to the interviewer without any memory search or information integration.
2969:
1801:
155:
Satisficing also occurs in consensus building when the group looks towards a solution everyone can agree on even if it may not be the best.
1700:
Akerlof, George A.; Yellen, Janet L. (1985). "Can Small
Deviations from Rationality Make Significant Differences to Economic Equilibria?".
2259:
886:
work and that some people would use satisficing to reduce that burden. Some people may shortcut their cognitive processes in two ways:
413:{\displaystyle I_{S}(s):={\begin{cases}{\begin{array}{ccc}1&,&s\in S\\0&,&s\notin S\end{array}}\end{cases}}\ ,\ s\in X}
452:
can be an unsatisfactory result in a satisficing model. The best things would therefore be to avoid a general use of these two words.
116:
Step 3: If no option has satisfied a after time ÎČ, then change α by an amount Îł and continue until a satisfying option is found.
57:
3030:
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non-differentiation or straight-lining when a battery of questions asks for ratings of multiple objects on the same response scale
477:, but which does not necessarily maximize its value. The most common application of the concept in economics is in the behavioral
3015:
72:
is an unrealistic description of human decision processes and calls for psychological realism. He referred to this approach as
1684:
1659:
1383:
1055:
1437:
1560:
Gigerenzer, Gerd; Goldstein, Daniel G. (October 1996). "Reasoning the fast and frugal way: Models of bounded rationality".
1729:
Akerlof, George A.; Yellen, Janet L. (1985). "A Near-rational Model of the
Business Cycle, with Wage and Price Inertia".
2286:
2230:
2130:
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1918:
1731:
1080:
1959:
Krosnick, Jon A. (1991). "Response strategies for coping with the cognitive demands of attitude measures in surveys".
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3081:
2164:
Krosnick, J. (1991). "Response
Strategies for coping with the cognitive demands of attitude measures in surveys".
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613:
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1400:
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Weak satisficing: Respondent executes all cognitive steps involved in optimizing, but less completely and with
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that entails searching through the available alternatives until an acceptability threshold is met. The term
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2650:
1830:
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985:
767:
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1216:
Brown, Reva (2004). "Consideration of the Origin of
Herbert Simon's Theory of 'Satisficing' (1933-1947)".
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814:
model of an economy consisting of many firms operating in different industries, where each industry is a
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acquiescence response bias, which is the tendency to agree with any assertion, regardless of its content
525:
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satisficing which says that optimal question answering by a survey respondent involves a great deal of
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837:
170:
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152:, that is in particular decision environments, they can outperform alternative decision strategies.
3086:
3050:
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Schwartz's Tech Talk ("The
Paradox of Choice â Why More Is Less") given at Google on April 27, 2006
2196:
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995:
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to this optimization problem is optimal if, and only if, it is a satisficing option (an element of
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which gives the payoff enjoyed by the agent for each option. Suppose we define the optimum payoff
3025:
2889:
2295:
1533:
Bordley, R.; Kirkwood, C. (2004). "Preference
Analysis with Multiattribute Performance Targets".
1488:
Bordley, R.; LiCalzi, M. (2000). "Decision
Analysis Using Targets Instead of Utility Functions".
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187:
52:
1047:
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denotes the set of "satisficing" options, then selecting a satisficing solution (an element of
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69:
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use the concept of satisficing in a similar sense, though most call for optimization instead.
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2919:
2909:
2615:
2409:
1799:
Dixon, H. (2000). "Keeping Up with the Joneses: Competition and the Evolution of Collusion".
1759:
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Administrative Behavior: a Study of Decision-Making Processes in Administrative Organization
2939:
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2710:
2547:
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Schwartz, B.; Ward, A.; Monterosso, J.; Lyubomirsky, S.; White, K.; Lehman, D. R. (2002).
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8:
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of his or her optimal payoff (the standard Nash-equilibrium being the special case where
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336:
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should be satisficed. The following quote from Jan Odhnoff's 1965 paper is appropriate:
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592:(i.e. it is the set of all options that yield the maximum payoff). Assume that the set
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195:
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Simon formulated the concept within a novel approach to rationality, which posits that
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2011:
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1933:
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A web page dedicated to a discussion on the "satisficing" vs "optimizing" debate.
970:
955:
23:
2389:
2246:
1937:
1583:
1271:
Simon, Herbert A. (1979). "Rational decision making in business organizations".
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and developed in economics by Richard Cyert and James March in their 1963 book
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2414:
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2015:
1980:
1422:
1401:"How heuristic pricing shapes the aggregate market: the "Cheap Twin Paradox""
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975:
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819:
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2502:
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1972:
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1005:
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847:
771:
35:
1605:
Odhnoff, Jan (1965). "On the Techniques of Optimizing and Satisficing".
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1284:
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902:
859:
843:
62:
2194:
Simon, H. A. (1978). "Rationality as Process and Product of Thought".
1872:
Dixon (2000), Theorem 1 page 228. for a non-technical explanation see
1510:
1465:
939:
choosing minimally acceptable answers when verbal answers are required
912:
choosing explicitly offered no-opinion or 'don't know' response option
481:, which, unlike traditional accounts, postulates that producers treat
2750:
2570:
1640:
1300:"Moral Satisficing: Rethinking Moral Behavior as Bounded Rationality"
1128:
883:
824:
815:
811:
763:
462:
145:
27:
1777:
1618:
1323:
Artinger, Florian M.; Gigerenzer, Gerd; Jacobs, Perke (2022-06-01).
901:
Likelihood to satisfice is linked to respondent ability, respondent
2156:
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1903:
1843:
466:
1828:
Alchian, A. (1950). "Uncertainty, Evolution and Economic Theory".
1916:
960:
470:
50:
in 1956, although the concept was first posited in his 1947 book
1919:"Maximizing versus satisficing: Happiness is a matter of choice"
2078:
Satisficing and Maximizing: Moral Theorists on Practical Reason
1159:
Artinger, Florian M.; Gigerenzer, Gerd; Jacobs, Perke (2022).
1372:
Reb, Jochen; Luan, Shenghua; Gigerenzer, Gerd (2024-05-14).
891:
388:
16:
Cognitive heuristic of searching for an acceptable decision
1760:"Approximate Bertrand Equilibria in a replicated Industry"
113:
Step 2: Choose the first option that meets or exceeds α.
1322:
1158:
831:
186:
Alternatively, satisficing can be considered to be just
2097:
Decision Modeling in Uncertain and Complex Environments
178:
that the costs of choosing are not taken into account.
1098:"Rational Choice and the Structure of the Environment"
220:) is equivalent to the following optimization problem
2139:
2123:
Surfing Economics: Essays for the Inquiring Economist
2040:
Byron, Michael (1998). "Satisficing and Optimality".
1652:
Surfing Economics: Essays for the Inquiring Economist
933:
abandoning the survey or terminating the survey early
528:
304:
229:
1399:
Artinger, Florian M; Gigerenzer, Gerd (2024-07-23).
908:
Regarding survey answers, satisficing manifests in:
169:
One popular method for rationalizing satisficing is
1559:
456:
2218:
1398:
1039:
757:
638:We can then define the set of satisficing options
559:
412:
267:
1435:
1371:
3063:
530:
231:
2094:
1532:
797:
701:An equivalent way of looking at satisficing is
1487:
870:As an example of satisficing, in the field of
92:
2280:
1802:Journal of Economic Behavior and Organization
1728:
1699:
1645:"Artificial Intelligence and Economic Theory"
1046:. New York: Oxford University Press. p.
924:selecting the first reasonable looking option
842:Some research has suggested that satisficing/
1994:Krosnick, Jon A. (1999). "Survey research".
1987:
1952:
1926:Journal of Personality and Social Psychology
1889:
778:, which is a generalization of the standard
181:
107:aspiration-level adaptation is as follows:
2294:
1306:, Oxford University Press, pp. 203â221
846:and other decision-making strategies, like
2287:
2273:
1674:
1297:
2248:Web Dictionary of Cybernetics and Systems
2116:"Donut world and the duopoly archipelago"
2068:A paper on satisficing considered from a
1573:
1509:
1464:
1412:
1348:
1325:"Satisficing: Integrating Two Traditions"
1184:
1161:"Satisficing: Integrating Two Traditions"
1118:
1070:
646:as all those options that yield at least
2163:
2080:. New York: Cambridge University Press.
1993:
1958:
1675:Cyert, Richard; March, James G. (1992).
1209:
865:
469:which attempts to achieve at least some
101:
2225:. Stanford: Stanford University Press.
1827:
1604:
1075:. Hove: Psychology Press. p. 221.
570:with the optimum actions being the set
3064:
3016:English historical school of economics
2970:Structureâconductâperformance paradigm
1037:
722:. Then the set of satisficing options
268:{\displaystyle \max _{s\in X}I_{S}(s)}
194:of the satisficing requirements as an
2268:
2216:
2193:
2184:
2113:
2075:
2039:
1798:
1757:
1639:
1270:
1252:(1st ed.). New York: Macmillan.
1242:
1236:
1215:
1095:
915:choosing socially desirable responses
832:In personality and happiness research
1490:Decisions in Economics & Finance
1436:Castagnoli, E.; LiCalzi, M. (1996).
731:can be defined as all those options
148:for inference have been shown to be
204:denotes the set of all options and
110:Step 1: Set an aspiration level α.
13:
2187:Models of Man: Social and Rational
2033:
1732:The Quarterly Journal of Economics
1438:"Expected Utility without Utility"
560:{\displaystyle \max _{s\in X}U(s)}
500:, and we have the payoff function
14:
3098:
2240:
1679:(2nd ed.). Wiley-Blackwell.
1607:The Swedish Journal of Economics
457:Applied to the utility framework
1910:
1883:
1866:
1821:
1792:
1751:
1722:
1693:
1677:A Behavioral Theory of the Firm
1668:
1633:
1598:
1553:
1526:
1481:
1429:
1405:Industrial and Corporate Change
1392:
1365:
1298:Gigerenzer, Gerd (2011-04-15),
782:in which each player is within
758:Other applications in economics
614:A Behavioral Theory of the Firm
494:denotes the set of all options
164:
3036:Historical school of economics
2008:10.1146/annurev.psych.50.1.537
1745:10.1093/qje/100.Supplement.823
1329:Journal of Economic Literature
1316:
1291:
1264:
1165:Journal of Economic Literature
1152:
1089:
1064:
1031:
554:
548:
321:
315:
262:
256:
1:
1815:10.1016/S0167-2681(00)00117-7
1025:
927:randomly selecting a response
2980:Theory of two-level planning
2475:New institutional economists
2166:Applied Cognitive Psychology
1961:Applied Cognitive Psychology
1892:Journal of Consumer Research
1831:Journal of Political Economy
1273:The American Economic Review
1016:Utility maximization problem
986:Perfect is the enemy of good
798:Endogenous aspiration levels
768:New Keynesian macroeconomics
488:More formally, as before if
7:
2460:Edward Lawrence Wheelwright
2250:definition of "satisficing"
1996:Annual Review of Psychology
1938:10.1037/0022-3514.83.5.1178
1584:10.1037/0033-295x.103.4.650
943:
810:An economic example is the
93:In decision-making research
10:
3103:
2955:Penalty of taking the lead
1765:Review of Economic Studies
1096:Simon, Herbert A. (1956).
1042:A Dictionary of Psychology
835:
774:there is the notion of an
600:has at least one element.
2998:
2862:
2779:
2546:
2473:
2302:
1350:21.11116/0000-0007-5C2A-4
1230:10.1108/00251740410568944
1186:21.11116/0000-0007-5C2A-4
936:rushing on online surveys
838:Maximization (psychology)
770:. Also, in economics and
182:As a form of optimization
3051:Post-Keynesian economics
3031:French historical school
2303:Institutional economists
2197:American Economic Review
2144:Public Opinion Quarterly
1703:American Economic Review
996:Principle of good enough
443:should be optimized and
58:Nobel Prize in Economics
3082:Organizational behavior
3026:Evolutionary psychology
2890:Conspicuous consumption
2296:Institutional economics
2221:Reason in Human Affairs
1071:Manktelow, Ken (2000).
1038:Colman, Andrew (2006).
188:constraint satisfaction
53:Administrative Behavior
3072:Rational choice theory
3021:Evolutionary economics
2863:Key concepts and ideas
2819:Donald Angus MacKenzie
2445:George W. Stocking Sr.
2365:John Kenneth Galbraith
2178:10.1002/acp.2350050305
2125:. New York: Palgrave.
2099:. New York: Springer.
1973:10.1002/acp.2350050305
1654:. New York: Palgrave.
1547:10.1287/opre.1030.0093
1073:Reasoning and Thinking
561:
473:level of a particular
454:
414:
269:
123:
70:rational choice theory
26:strategy or cognitive
3011:Development economics
2920:Hiding hand principle
2910:Effective competition
2781:Economic sociologists
2548:Behavioral economists
2410:Wesley Clair Mitchell
2217:Simon, H. A. (1983).
2185:Simon, H. A. (1957).
1502:10.1007/s102030050005
905:and task difficulty.
878:proposed a theory of
866:In survey methodology
578:of options such that
562:
449:
415:
270:
150:ecologically rational
118:
102:Heuristic Satisficing
2940:Market concentration
2905:Countervailing power
2711:Sendhil Mullainathan
2538:Oliver E. Williamson
2370:Walton Hale Hamilton
2315:Clarence Edwin Ayres
1562:Psychological Review
1341:10.1257/jel.20201396
1177:10.1257/jel.20201396
1106:Psychological Review
703:epsilon-optimization
526:
302:
227:
198:. More formally, if
46:, was introduced by
2990:Veblenian dichotomy
2900:Conventional wisdom
2895:Conspicuous leisure
2885:Bounded rationality
2875:Administered prices
2696:Brigitte C. Madrian
2498:Steven N. S. Cheung
2380:Albert O. Hirschman
2375:Orris C. Herfindahl
2114:Dixon, Huw (2001).
1535:Operations Research
1445:Theory and Decision
1414:10.1093/icc/dtae025
1218:Management Decision
776:Epsilon-equilibrium
465:, satisficing is a
74:bounded rationality
3006:Cultural economics
2870:Accelerator effect
2686:George Loewenstein
2626:Catherine C. Eckel
2345:John Maurice Clark
2310:Werner Abelshauser
2189:. New York: Wiley.
2076:Byron, M. (2004).
1758:Dixon, H. (1987).
1457:10.1007/BF00136129
1001:Rational ignorance
951:Alphaâbeta pruning
880:statistical survey
691:, it follows that
607:was introduced by
557:
544:
479:theory of the firm
410:
387:
383:
287:Indicator function
265:
245:
196:objective function
192:indicator function
3059:
3058:
2880:Barriers to entry
2746:Robert J. Shiller
2706:Matteo Motterlini
2450:Lars PĂ„lsson Syll
1878:Surfing Economics
1686:978-0-631-17451-6
1661:978-0-333-76061-1
1385:978-0-262-37857-4
1378:. The MIT Press.
1244:Simon, Herbert A.
1224:(10): 1240â1256.
1057:978-0-19-861035-9
529:
400:
394:
230:
78:Moral satisficing
3094:
2965:Shortage economy
2950:Market structure
2915:Herfindahl index
2839:Laurent Thévenot
2834:Richard Swedberg
2829:Lynette Spillman
2814:Mark Granovetter
2799:James S. Coleman
2771:Georg WeizsÀcker
2766:Robert W. Vishny
2731:Klaus M. Schmidt
2681:Jeffrey R. Kling
2576:Douglas Bernheim
2465:Erich Zimmermann
2455:Thorstein Veblen
2435:Herbert A. Simon
2430:François Simiand
2405:Jesse W. Markham
2385:Geoffrey Hodgson
2325:Shimshon Bichler
2289:
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2275:
2266:
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2190:
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2110:
2091:
2067:
2028:
2027:
1991:
1985:
1984:
1956:
1950:
1949:
1932:(5): 1178â1197.
1923:
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1396:
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1375:Smart Management
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1129:10.1037/h0042769
1122:
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1087:
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1061:
1045:
1035:
872:social cognition
860:options are vast
792:
786:
780:Nash equilibrium
753:
737:
729:
721:
709:
697:
690:
681:. Clearly since
680:
663:
652:
644:
634:
625:and assume that
623:
609:Herbert A. Simon
605:aspiration level
603:The idea of the
598:
591:
576:
566:
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563:
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543:
519:the solution to
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87:moral philosophy
83:consequentialist
48:Herbert A. Simon
3102:
3101:
3097:
3096:
3095:
3093:
3092:
3091:
3087:Decision theory
3062:
3061:
3060:
3055:
2994:
2975:Technostructure
2930:Instrumentalism
2925:Hirschman cycle
2858:
2854:Viviana Zelizer
2824:Joel M. Podolny
2775:
2701:Gary McClelland
2666:Daniel Kahneman
2661:David Ryan Just
2656:Charles A. Holt
2636:Urs Fischbacher
2621:Stephen Duneier
2611:Werner De Bondt
2542:
2469:
2420:Jonathan Nitzan
2360:Robert H. Frank
2350:John R. Commons
2330:Robert A. Brady
2298:
2293:
2243:
2233:
2133:
2118:
2107:
2088:
2036:
2034:Further reading
2031:
1992:
1988:
1957:
1953:
1921:
1915:
1911:
1888:
1884:
1871:
1867:
1826:
1822:
1797:
1793:
1778:10.2307/2297445
1756:
1752:
1727:
1723:
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1694:
1687:
1673:
1669:
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1647:
1638:
1634:
1619:10.2307/3439096
1603:
1599:
1575:10.1.1.174.4404
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1241:
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1157:
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1120:10.1.1.545.5116
1100:
1094:
1090:
1083:
1069:
1065:
1058:
1036:
1032:
1028:
1022:
1020:
971:Homo economicus
956:Decision theory
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3046:Microeconomics
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2999:Related fields
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2935:Kuznets cycles
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2857:
2856:
2851:
2849:Harrison White
2846:
2844:Carlo Trigilia
2841:
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2826:
2821:
2816:
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2806:
2801:
2796:
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2773:
2768:
2763:
2758:
2756:Richard Thaler
2753:
2748:
2743:
2738:
2733:
2728:
2726:Howard Rachlin
2723:
2718:
2716:Michael Norton
2713:
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2641:Herbert Gintis
2638:
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2596:David Cesarini
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2556:George Ainslie
2552:
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2535:
2530:
2525:
2523:Douglass North
2520:
2515:
2510:
2508:Harold Demsetz
2505:
2500:
2495:
2490:
2488:Armen Alchian
2485:
2483:Daron Acemoglu
2479:
2477:
2471:
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2468:
2467:
2462:
2457:
2452:
2447:
2442:
2440:Frank Stilwell
2437:
2432:
2427:
2425:Warren Samuels
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2407:
2402:
2397:
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2355:Richard T. Ely
2352:
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2335:Daniel Bromley
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2242:
2241:External links
2239:
2238:
2237:
2232:978-0804711791
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2214:
2191:
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2172:(3): 213â236.
2161:
2157:10.1086/346010
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2132:978-0333760611
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2087:978-0521811491
2086:
2073:
2056:10.1086/233874
2035:
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2030:
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2002:(1): 537â567.
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1967:(3): 213â236.
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1904:10.1086/657022
1898:(6): 951â966.
1882:
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1844:10.1086/256940
1838:(3): 211â222.
1820:
1809:(2): 223â238.
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1721:
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1335:(2): 598â635.
1315:
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1279:(4): 493â513.
1263:
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1171:(2): 598â635.
1151:
1113:(2): 129â138.
1088:
1082:978-0863777080
1081:
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1027:
1024:
1019:
1018:
1013:
1011:Satisfiability
1008:
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978:
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930:skipping items
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836:Main article:
833:
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805:normal profits
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2809:Paula England
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2802:
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2794:Fred L. Block
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2721:Matthew Rabin
2719:
2717:
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2702:
2699:
2697:
2694:
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2691:Graham Loomes
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2679:
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2676:George Katona
2674:
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2669:
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2664:
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2657:
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2652:
2651:David Halpern
2649:
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2609:
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2606:Rachel Croson
2604:
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2599:
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2591:Colin Camerer
2589:
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2518:Claude MĂ©nard
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2151:(1): 79â125.
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1126:
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1116:
1112:
1108:
1107:
1099:
1092:
1084:
1078:
1074:
1067:
1059:
1053:
1049:
1044:
1043:
1034:
1030:
1023:
1017:
1014:
1012:
1009:
1007:
1004:
1002:
999:
997:
994:
992:
989:
987:
984:
982:
979:
977:
976:Optimism bias
974:
972:
969:
967:
966:Frame problem
964:
962:
959:
957:
954:
952:
949:
948:
938:
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932:
929:
926:
923:
920:
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914:
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910:
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904:
896:
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877:
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863:
861:
855:
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849:
845:
839:
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826:
821:
820:Armen Alchian
817:
813:
808:
806:
795:
793:
787:
781:
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773:
769:
766:, popular in
765:
755:
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710:
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41:
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25:
21:
2985:Veblen goods
2959:
2945:Market power
2789:Jens Beckert
2761:Amos Tversky
2736:Eldar Shafir
2601:Kay-Yut Chen
2528:Mancur Olson
2503:Ronald Coase
2400:Hunter Lewis
2390:JĂĄnos Kornai
2247:
2220:
2201:
2195:
2186:
2169:
2165:
2148:
2142:
2122:
2096:
2077:
2050:(1): 67â93.
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2041:
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1995:
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1964:
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1829:
1823:
1806:
1800:
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1772:(1): 47â62.
1769:
1763:
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1168:
1164:
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1104:
1091:
1072:
1066:
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1021:
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900:
876:Jon Krosnick
869:
856:
852:twin studies
841:
809:
801:
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783:
761:
732:
723:
718:
714:
706:
700:
647:
639:
637:
631:
627:
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618:
612:
602:
593:
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569:
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450:
422:
285:denotes the
277:
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174:
171:optimization
168:
165:Optimization
154:
143:
134:
124:
119:
115:
112:
109:
105:
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85:theories in
77:
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2960:Satisficing
2671:Ariel Kalil
2566:Nava Ashraf
2513:Avner Greif
2320:Joe S. Bain
2204:(1): 1â16.
1006:Rationality
991:Portmanteau
848:personality
772:game theory
423:A solution
36:portmanteau
32:satisficing
20:Satisficing
3077:Heuristics
3066:Categories
2646:Uri Gneezy
2631:Armin Falk
2616:Paul Dolan
2561:Dan Ariely
2072:viewpoint.
1880:by Dixon H
1641:Dixon, Huw
1511:10278/3610
1466:10278/4143
1310:2024-09-13
1304:Heuristics
1026:References
981:Overchoice
903:motivation
844:maximizing
791:ε = 0
739:such that
295:, that is
146:strategies
65:science".
63:management
2751:Uwe Sunde
2571:Ofer Azar
2064:170867023
2016:0066-4308
1981:0888-4080
1874:Chapter 8
1570:CiteSeerX
1475:154464803
1423:0960-6491
1359:0022-0515
1203:249320959
1195:0022-0515
1115:CiteSeerX
884:cognitive
825:collusion
764:menu cost
713:ε =
696:⊆ S
538:∈
463:economics
405:∈
376:∉
353:∈
239:∈
28:heuristic
2024:15012463
1946:12416921
1860:36045710
1643:(2001).
1520:11162758
1246:(1947).
1137:13310708
944:See also
752:â ε
728:(ε)
659:∈
475:variable
467:behavior
428:∈
209:⊆
2210:1816653
1852:1827159
1786:2297445
1716:1821349
1627:3439096
1592:8888650
1285:1808698
1145:8503301
961:Flipism
816:duopoly
471:minimum
44:suffice
40:satisfy
2229:
2208:
2129:
2103:
2084:
2062:
2043:Ethics
2022:
2014:
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785:ε
711:where
708:ε
483:profit
399:
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278:where
2206:JSTOR
2119:(PDF)
2060:S2CID
1922:(PDF)
1856:S2CID
1848:JSTOR
1782:JSTOR
1712:JSTOR
1648:(PDF)
1623:JSTOR
1516:S2CID
1471:S2CID
1441:(PDF)
1281:JSTOR
1199:S2CID
1141:S2CID
1101:(PDF)
812:Dixon
173:when
22:is a
2227:ISBN
2127:ISBN
2101:ISBN
2082:ISBN
2020:PMID
2012:ISSN
1977:ISSN
1942:PMID
1681:ISBN
1656:ISBN
1588:PMID
1419:ISSN
1380:ISBN
1355:ISSN
1254:OCLC
1191:ISSN
1133:PMID
1077:ISBN
1052:ISBN
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445:what
441:what
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2174:doi
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2004:doi
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1900:doi
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