Choice Overload, Satisficing Behavior, and Price Distribution in a Time Allocation Model

Figure 3

Price distribution and expected minimum prices, case of uniform distribution with mean 𝜇=500 and standard distribution 𝜎=50.

(a) Histogram of prices

(b) Expected minimum price as 𝑁 increases—the error band corresponds to the 10% and 90% percentiles of the empirical sample distributions