Replication data for: Search and Satisficing
Principal Investigator(s): View help for Principal Investigator(s) Andrew Caplin; Mark Dean; Daniel Martin
Version: View help for Version V1
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| 20090912_data | 12/06/2019 03:56:PM | ||
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text/plain | 14.6 KB | 12/06/2019 10:56:AM |
Project Citation:
Caplin, Andrew, Dean, Mark, and Martin, Daniel. Replication data for: Search and Satisficing. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116100V1
Project Description
Summary:
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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:
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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
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
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