Satisficing decision procedure and optimal consumption-leisure choice

The paper argues that when a consumer searches for a lower price, a satisficing decision procedure equalizes marginal costs of search with its marginal benefit. The consumer can maximize the utility of his consumption-leisure choice with regard to the equality of marginal values of search. Therefore, the satisficing decision procedure results in the optimizing consumer behavior.

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Year of publication:	2012-05-22
Authors:	Malakhov, Sergey

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Type of publication:	Book / Working Paper
Language:	English
Notes:	Malakhov, Sergey (2012): Satisficing decision procedure and optimal consumption-leisure choice.
Classification:	D11 - Consumer Economics: Theory ; D83 - Search, Learning, Information and Knowledge
Source:	BASE

Persistent link: https://www.econbiz.de/10015232167