Brodie, Bendor Jonathan; Sunil, Kumar; A, Siegel David - In: The B.E. Journal of Theoretical Economics 9 (2009) 1, pp. 1-38
One of the best known ideas in the study of bounded rationality is Simon's satisficing; yet we still lack a standard formalization of the heuristic and its implications. We propose a mathematical model of satisficing which explicitly represents agents' aspirations and which explores both...