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Replication data for: Search and Satisficing

Version
1
Resource Type
Dataset
Creator
  • Caplin, Andrew
  • Dean, Mark
  • Martin, Daniel
Publication Date
2011-12-01
Description
  • Abstract

    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)
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/aer.101.7.2899 (Text)
Publications
  • Caplin, Andrew, Mark Dean, and Daniel Martin. “Search and Satisficing.” American Economic Review 101, no. 7 (December 2011): 2899–2922. https://doi.org/10.1257/aer.101.7.2899.
    • ID: 10.1257/aer.101.7.2899 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-06

Caplin, Andrew; Dean, Mark; Martin, Daniel (2011): Replication data for: Search and Satisficing. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116100V1