Satisficing and stochastic choice

• 成果类型: Article
• 署名作者: Aguiar, Victor H.; Boccardi, Maria Jose; Dean, Mark
• 署名单位: Western University (University of Western Ontario); New York University; New York University Abu Dhabi; Columbia University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2016.08.008
• 发表日期: 2016
• 页码: 445-482
• 关键词: Satisficing; stochastic choice; bounded rationality; search; random utility

摘要

Satisficing is a hugely influential model of boundedly rational choice, yet it cannot be easily tested using standard choice data. We develop necessary and sufficient conditions for stochastic choice data to be consistent with satisficing, assuming that preferences are fixed, but search order may change randomly. The model predicts that stochastic choice can only occur amongst elements that are always chosen, while all other choices must be consistent with standard utility maximization. Adding the assumption that the probability distribution over search orders is the same for all choice sets makes the satisficing model a subset of the class of random utility models. (C) 2016 Published by Elsevier Inc.