Maximizing and Satisficing Consumer Behavior : Model and Test

Over the last forty years, researchers have shown that for developed economies individual happiness has not changed as real per capita income grew. The seminal work by Schwartz et al. (2002) suggests that this phenomenon can be partially explained by maximizing behavior. This article adds to the rational choice literature by examining the underlying determinants of maximizing and satisficing consumer tendencies rather than focus on its outcomes. Using a theoretical model, survey data, and a four-equation simultaneous equations model, this article finds that (1) age, (2) gender, (3) locus of control, (4) satisfaction with life scale, and (5) peer effects are significant determinants of maximizing consumer behavior