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Although the assumption of utility-maximizing consumers has been challenged for decades, empirical applications of … “satisficing” decision maker. In contrast to previous models (including recent models implementing alternative choice rules …
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Among the reasons behind the choice behavior of an individual taking a stochastic form are her potential indifference or indecisiveness between certain alternatives, and/or her willingness to experiment in the sense of occasionally deviating from choosing a best alternative in order to give a...
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