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

Grether, David M. and Wilde, Louis L. (1982) Optimal and Nonoptimal Satisficing I: A Model of 'Satisfactory' Choice. Social Science Working Paper, 363. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20171006-144955188

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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.


Item Type:Report or Paper (Working Paper)
Additional Information:Revised. Original dated to April 1981. The support of the National Science Foundation is gratefully acknowledged.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
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Record Number:CaltechAUTHORS:20171006-144955188
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20171006-144955188
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:82186
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:09 Oct 2017 22:44
Last Modified:09 Oct 2017 22:44

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