Replication data for: Search and Satisficing

Principal Investigator(s): View help for Principal Investigator(s) Andrew Caplin; Mark Dean; Daniel Martin

Name	File Type	Size	Last Modified
Data			12/06/2019 03:56:PM
Figure_7_simulations.m	text/plain	2 KB	12/06/2019 10:56:AM
Figures.do	text/plain	7.7 KB	12/06/2019 10:56:AM
ReadMe.pdf	application/pdf	21.4 KB	12/06/2019 10:56:AM
Table_8_simulations.m	text/plain	1.6 KB	12/06/2019 10:56:AM
Tables.do	text/plain	13 KB	12/06/2019 10:56:AM
randexpo.m	text/plain	429 bytes	12/06/2019 10:56:AM

Project Description

Summary: 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. (JEL D03, D12, D83)

Scope of Project

JEL Classification:
      D91 Micro-Based Behavioral Economics: Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
      D12 Consumer Economics: Empirical Analysis
      D83 Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

Related Publications

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Published Versions

V1 [2019-12-06]

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Dublin Core

DDI 2.5

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