Maximizing and satisficing in a choice model based on time allocation

It has been suggested in the literature of social psychology thatconsumers that search exhaustively for the best option of a product in the market-called maximizers- eventually feel worse than those that just look for somethinggood enough -in turn, satis cers-. We address this striking phenomenon using aformal framework for consumer rational choice relaying on time allocation whichaccounts both for maximizers and satis cers. By means of a numerical analysis ofthe model for a case study with real market prices, we show that satis cers that donot check all available options typically are better oﬀ than maximizers exploringall market alternatives, despite maximizers get a better deal in the market.

Maximizing and satisficing in a choice model based on time allocation Articles