With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider non-standard data on the...

Satisficing is a hugely influential model of boundedly rational choice, yet it cannot be easily tested using standard choice data. We develop necessary and sufficient conditions for stochastic choice data to be consistent with satisficing, assuming that preferences are fixed, but search order...

When choice options are complex, policy makers may seek to reduce decision making errors by making a high quality option the default. We show that this positive effect is at risk because such a policy creates incentives for decision makers to "drop out" by paying no attention to the decision and...

1 Introduction to Cognitive Economics -- 2 Cognitive Household Finance -- 3 Measuring and Minimizing Mistakes -- 4 Cognitive Economics at Work -- 5 Cognitive Capital and Human-AI Interactions -- 6 Work Skills for the Cognitive Economy -- 7 Cognitive Economics in Teaching -- 8. Cognitive...