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

Table 1

Essential parameter values.

Concept	Function	Parameter values
Total time	See (1)	𝑇=200
Budget	See (2)	(𝑉,𝑤)=(0,6.5)
Utility	𝑈=𝑎1ln𝑇𝑠+𝑎2ln𝑇𝑓+𝑎3ln𝑇𝑤	(𝑎1,𝑎2,𝑎3)=(0.25,0.5,0.25)
Search cost	𝜏(𝑛)=𝑐𝑛	𝑐=2
Market options		10≤𝑁≤150