Optimal and Nonoptimal Satisficing I: A Model of 'Satisfactory' Choice

Abstract

In this paper the authors report the results of a series of individual choice experiments designed to test the usefulness of a particular theory of satisficing and of conjunctive choice models. Several authors have argued that modeling complicated choice problems by using a conjunctive approach can provide useful simplifications. In fact optimal behavior with these models can involve implementation of extremely complicated strategies. The experiments reported deal with multidimensional search problems structured so that the conjunctive model is appropriate. Four groups of subjects performed the same tasks with similar results. In general, subjects' behavior conforms well to predictions based on optimization and where there is systematic deviation they are consistent with a specific theory of satisficing.