Maximizing and satisficing in a choice model based on time allocation
نویسندگان
چکیده
It has been suggested in the literature of social psychology that consumers that search exhaustively for the best option of a product in the market -called maximizerseventually feel worse than those that just look for something good enough -in turn, satisficers-. We address this striking phenomenon using a formal framework for consumer rational choice relaying on time allocation which accounts both for maximizers and satisficers. By means of a numerical analysis of the model for a case study with real market prices, we show that satisficers that do not check all available options typically are better off than maximizers exploring all market alternatives, despite maximizers get a better deal in the market.
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