Satisficing choice procedures

A challenging issue in modern choice theory is how to enrich the kind of data available to the researcher along with our understanding of the decision-making process. We propose an axiomatic characterization of the ‘satisficing’ heuristic under various informational structures. In particular we examine the cases in which search behavior is both observable, partially observable, and unobservable. We also investigate behavioral definitions of preference and satisfaction and establish uniqueness results. Finally, we relate our framework to several well-known existing models.

► Axiomatic characterization of the satisficing heuristic. ► We consider three choice domains. ► Search behavior is observable, partially observable, and unobservable. ► Behavioral definitions of satisfaction and preference and uniqueness results. ► Relationships with other well-known models.