On the optimality of coarse behavior rules
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2018, Handbook of Computational EconomicsA satisficing approach to eliciting risk preferences
2018, Journal of Business ResearchCitation Excerpt :Managers who satisfice should not be told by economists that, because they are satisficing, their decision-making process is therefore sub-optimal, compromised, or second-best. In unstable environments where the data-generating-process is buffeted by unpredictable shocks, it may be more advantageous by general fitness criteria for organisms to satisfice with respect to a few important variables (e.g., caloric intake, water availability, and protection from predators) rather than devising a “brittle” optimization rule conditioning on a larger vector of observable characteristics whose stochastic structure may catastrophically shift (Bookstaber & Langsam, 1985). Normative arguments in favor of ecological rather than axiomatic rationality and the prescriptive benefits of satisficing are extensive (Berg, 2003; Berg, 2014a; Berg & Gigerenzer, 2007, 2010; Gigerenzer & Selten, 2001).
Success from satisficing and imitation: Entrepreneurs' location choice and implications of heuristics for local economic development
2014, Journal of Business ResearchCitation Excerpt :The infinite regress of increasing complexity is well known to those modeling bounded rationality as if the decision maker solves an optimal choice problem with additional cognitive or search costs in the constraint set: the combinatorics of exhaustive search through the universe of all possible search durations and paths results in an even more unrealistically difficult-to-solve optimization problem than those derived from simpler textbook models of consumer choice with costless and instantaneous search over all items in the choice set. This has led some critics of optimal search theory to consider non-optimizing models that achieve superior descriptive validity (e.g., Bearden, Rapoport, & Murphy, 2006; Laville, 2000a, 2000b) and superior performance when simple heuristics are well matched to environments in which they are used (Bookstaber & Langsam, 1985; Gigerenzer & Selten, 2001; Gigerenzer, Todd, & the ABC Research Group, 1999; Goldstein & Gigerenzer, 2009). Economists often argue that the very essence of economics is the axiomatic assumption of optimization.
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2008, Journal of Economic PsychologyA concept analysis of optimality in perinatal health
2006, JOGNN - Journal of Obstetric, Gynecologic, and Neonatal NursingCitation Excerpt :Processes were employed to achieve maximal output with minimal input or energy expenditure and were correlated with resource allocation (Laska, Meisner, Siegel, & Stinnett, 1999; Miya & Nishida, 2000; Rosen, 1967). The first antecedent of optimality is the use of rules (Bookstaber & Langsam, 1985; Tetlow & von zur Muehlen, 1999). Those rules are natural (i.e., biological, physiological) or socially constructed laws (i.e., economic, linguistic).