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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: A simple satisficing model
Author(s): Sandorf, Erlend Dancke
Campbell, Danny
Chorus, Caspar
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Keywords: Multidisciplinary
Issue Date: 2022
Date Deposited: 11-Oct-2022
Citation: Sandorf ED, Campbell D & Chorus C (2022) A simple satisficing model. PLOS ONE, 17 (10), Art. No.: e0275339.
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.
DOI Link: 10.1371/journal.pone.0275339
Rights: © 2022 Sandorf et al. This is an open access article distributed under the terms of the Creative Commons Attribution License (, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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