A challenging issue in modern choice theory is how to enrich the kind of data available to the researcher along with our understanding of the decision-making process. We propose an axiomatic characterization of the ‘satisficing’ heuristic under various informational structures. In particular...

Standard choice theory assumes that the choice set is known to the decision-maker in advance. In contrast, we develop a model in which alternatives are examined sequentially and decision-makers exhibit `satis cing' attitudes. The proposed procedure includes the standard model of choice as a...