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Modeling a satisficing judge

Author

Listed:
  • Christoph Engel

    (Max Planck Institute for Research on Collective Goods, Germany)

  • Werner Gueth

    (Max Planck Institute for Research on Collective Goods, Germany LUISS Guido Carli, Rome, Italy)

Abstract

Decision-makers often mean to react to the behavior of others, knowing that they only imperfectly observe them. Rational choice theory posits that they should weigh false positive versus false negative choices, and assess possible outcomes and their probabilities, if necessary, attaching subjective values to them. We argue that this recommendation is not only utterly unrealistic but highly error prone. We contrast it with an approach inspired by satisficing, where the decision-maker contents herself with gauging her confidence in not making too big a mistake by adopting one course of action. We model the competing approaches, using judicial decision-making as a graphic illustration.

Suggested Citation

  • Christoph Engel & Werner Gueth, 2018. "Modeling a satisficing judge," Rationality and Society, , vol. 30(2), pages 220-246, May.
    • Handle: RePEc:sae:ratsoc:v:30:y:2018:i:2:p:220-246
    DOI: 10.1177/1043463118767406
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    References listed on IDEAS

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    More about this item

    Keywords

    Asymmetric and private information; criteria for decision-making under risk and uncertainty; distribution; litigation process; mechanism design; noncooperative games;
    All these keywords.

    JEL classification:

    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • K41 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - Litigation Process
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles

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