A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences
Classical choice theory assumes that a decision-maker considers all feasible alternatives. However, a decision-maker in the real world can not consider all alternatives because of limited attention. In this paper, we propose a satisficing choice model to describe the choice procedure based on the in...
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| Format: | Article |
| Language: | English |
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Wiley
2021-01-01
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| Series: | Journal of Mathematics |
| Online Access: | http://dx.doi.org/10.1155/2021/8951335 |
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| _version_ | 1849304336467755008 |
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| author | Xinlin Wu Daoxin Ding |
| author_facet | Xinlin Wu Daoxin Ding |
| author_sort | Xinlin Wu |
| collection | DOAJ |
| description | Classical choice theory assumes that a decision-maker considers all feasible alternatives. However, a decision-maker in the real world can not consider all alternatives because of limited attention. In this paper, we propose a satisficing choice model to describe the choice procedure based on the incomplete preferences under the limited attention of the decision-maker. Moreover, the existence and rationality properties of the satisficing choice model on the different domains are studied combined with some proposed rationality conditions. Further, the proposed satisficing choice model is applied to a case of quality competition. Results show that the satisficing choice model of this paper is of a certain theoretical guiding significance to a kind of emergency decisions made by decision-makers under the circumstance of time pressure and limited information. It can also be the theoretical foundation for the study on the boundedly rational decision-making. |
| format | Article |
| id | doaj-art-10d5cb079621496fa2dbcace2240a76a |
| institution | Kabale University |
| issn | 2314-4785 |
| language | English |
| publishDate | 2021-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Journal of Mathematics |
| spelling | doaj-art-10d5cb079621496fa2dbcace2240a76a2025-08-20T03:55:45ZengWileyJournal of Mathematics2314-47852021-01-01202110.1155/2021/8951335A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete PreferencesXinlin Wu0Daoxin Ding1Department of MathematicsDepartment of MathematicsClassical choice theory assumes that a decision-maker considers all feasible alternatives. However, a decision-maker in the real world can not consider all alternatives because of limited attention. In this paper, we propose a satisficing choice model to describe the choice procedure based on the incomplete preferences under the limited attention of the decision-maker. Moreover, the existence and rationality properties of the satisficing choice model on the different domains are studied combined with some proposed rationality conditions. Further, the proposed satisficing choice model is applied to a case of quality competition. Results show that the satisficing choice model of this paper is of a certain theoretical guiding significance to a kind of emergency decisions made by decision-makers under the circumstance of time pressure and limited information. It can also be the theoretical foundation for the study on the boundedly rational decision-making.http://dx.doi.org/10.1155/2021/8951335 |
| spellingShingle | Xinlin Wu Daoxin Ding A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences Journal of Mathematics |
| title | A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences |
| title_full | A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences |
| title_fullStr | A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences |
| title_full_unstemmed | A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences |
| title_short | A Satisficing Heuristic Decision-Making Model under Limited Attention and Incomplete Preferences |
| title_sort | satisficing heuristic decision making model under limited attention and incomplete preferences |
| url | http://dx.doi.org/10.1155/2021/8951335 |
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