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Good Enough

Author

Listed:
  • Salador Barera
  • Kareen Rozen
Abstract
A decision maker may not perfectly maximize her preference over the feasible set. She may feel it is good enough to maximize her preference over a sufficiently large consideration set; or just require that her choice is sufficiently well-ranked (e.g., in the top quintile of options); or even endogenously determine a threshold for what is good enough, based on an initial sampling of the options. We introduce and investigate a class of theories, Order-k Rationality, encompassing heuristics such as these.

Suggested Citation

  • Salador Barera & Kareen Rozen, 2018. "Good Enough," Working Papers 2018-12, Brown University, Department of Economics.
    • Handle: RePEc:bro:econwp:2018-12
    as

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    References listed on IDEAS

    as
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