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

<table class="table-group" width="800px"><tr class="fig-image" id="a"><td><img alt="569054.fig.006a" src="https://static.hindawi.com/articles/aaa/volume-2014/569054/figures/569054.fig.006a.jpg"/></td></tr><tr class="fig-caption"><td align="center"><table><tr><td><b>(a) </b>Satisficer correspondences <svg height="15.0875" id="M159" style="vertical-align:-2.3205pt" version="1.1" viewbox="0 0 39.200001 15.0875" width="39.200001" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
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</svg> and best satisficer curves <svg height="16.637501" id="M160" style="vertical-align:-2.3205pt" version="1.1" viewbox="0 0 42.950001 16.637501" width="42.950001" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,13.688)"><path d="M483 97q-42 -50 -88.5 -79.5t-68.5 -29.5q-37 0 -17 93l22 102h-2q-54 -79 -144 -149q-59 -46 -100 -46q-24 0 -43 29t-19 86q0 78 34.5 153t94.5 120q41 31 94 51.5t98 20.5q29 0 72 -9q26 -6 39 -6l2 -4q-30 -117 -67 -323q-8 -41 2 -41q16 0 79 58zM374 387
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<g transform="matrix(.012,-0,0,-.012,8.663,5.525)"><path d="M471 153q-22 -15 -61 -13q-25 31 -45.5 49.5t-56.5 41.5q4 -71 28 -134q-17 -33 -42 -46q-24 12 -42 46q24 63 28 134q-36 -23 -56.5 -41.5t-45.5 -49.5q-36 -2 -61 13q0 28 19 59q65 10 130 43q-65 33 -130 43q-19 31 -19 59q22 15 61 13q25 -31 45.5 -49.5t56.5 -41.5
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<g transform="matrix(.017,-0,0,-.017,16.275,13.688)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,22.157,13.688)"><path d="M857 650l-6 -28q-44 -4 -61.5 -16.5t-29.5 -48.5q-11 -32 -37 -166l-78 -399h-29l-351 537h-4l-56 -276q-24 -120 -24 -164q0 -35 17.5 -46t75.5 -15l-6 -28h-245l7 28q41 2 62 14t31 44q10 30 41 171l53 245q8 44 6.5 60.5t-14.5 33.5q-10 15 -27 19.5t-64 6.5l6 28h153
l350 -516h5l48 257q25 131 25 171q0 34 -17.5 45t-77.5 15l7 28h240z" id="x1D441"></path></g><g transform="matrix(.017,-0,0,-.017,37.013,13.688)"><path d="M275 270q0 -296 -211 -440l-19 23q75 62 116.5 174t41.5 243t-42 243t-116 173l19 24q211 -144 211 -440z" id="x29"></path></g>
</svg></td></tr></table></td></tr><tr class="fig-image" id="b"><td><img alt="569054.fig.006b" src="https://static.hindawi.com/articles/aaa/volume-2014/569054/figures/569054.fig.006b.jpg"/></td></tr><tr class="fig-caption"><td align="center"><table><tr><td><b>(b) </b>Best utility <svg height="16.637501" id="M161" style="vertical-align:-2.3205pt" version="1.1" viewbox="0 0 47.325001 16.637501" width="47.325001" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,13.688)"><path d="M751 650l-6 -28q-53 -1 -69 -12.5t-24 -38.5q-23 -85 -43 -192l-13 -69q-34 -181 -130 -262q-79 -65 -185 -65t-171 57q-87 77 -54 258l42 232q12 58 0.5 73t-75.5 19l8 28h263l-6 -28q-63 -5 -78 -18t-26 -74l-41 -226q-25 -135 22 -201t139 -66q99 0 161.5 68t91.5 217
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<g transform="matrix(.012,-0,0,-.012,13.038,5.525)"><path d="M471 153q-22 -15 -61 -13q-25 31 -45.5 49.5t-56.5 41.5q4 -71 28 -134q-17 -33 -42 -46q-24 12 -42 46q24 63 28 134q-36 -23 -56.5 -41.5t-45.5 -49.5q-36 -2 -61 13q0 28 19 59q65 10 130 43q-65 33 -130 43q-19 31 -19 59q22 15 61 13q25 -31 45.5 -49.5t56.5 -41.5
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<g transform="matrix(.017,-0,0,-.017,20.637,13.688)"><path d="M300 -147l-18 -23q-106 71 -159 185.5t-53 254.5v1q0 139 53 252.5t159 186.5l18 -24q-74 -62 -115.5 -173.5t-41.5 -242.5q0 -130 41.5 -242.5t115.5 -174.5z" id="x28"></path></g><g transform="matrix(.017,-0,0,-.017,26.519,13.688)"><path d="M857 650l-6 -28q-44 -4 -61.5 -16.5t-29.5 -48.5q-11 -32 -37 -166l-78 -399h-29l-351 537h-4l-56 -276q-24 -120 -24 -164q0 -35 17.5 -46t75.5 -15l-6 -28h-245l7 28q41 2 62 14t31 44q10 30 41 171l53 245q8 44 6.5 60.5t-14.5 33.5q-10 15 -27 19.5t-64 6.5l6 28h153
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</svg> versus <svg height="11.3125" id="M162" style="vertical-align:-0.1092pt" version="1.1" viewbox="0 0 14.9875 11.3125" width="14.9875" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink">
<g transform="matrix(.017,-0,0,-.017,.062,11.113)"><path d="M857 650l-6 -28q-44 -4 -61.5 -16.5t-29.5 -48.5q-11 -32 -37 -166l-78 -399h-29l-351 537h-4l-56 -276q-24 -120 -24 -164q0 -35 17.5 -46t75.5 -15l-6 -28h-245l7 28q41 2 62 14t31 44q10 30 41 171l53 245q8 44 6.5 60.5t-14.5 33.5q-10 15 -27 19.5t-64 6.5l6 28h153
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</svg></td></tr></table></td></tr></table>

<table>Satisficing behavior and induced optimal welfare for a set of distributions with different shapes preserving mean and dispersion (see Table <a href="../tab2/">2</a>).</table>

Abstract and Applied Analysis

fig6

Figure 6

Figure 6: Choice Overload, Satisficing Behavior, and Price Distribution in a Time Allocation Model 