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К Вопросу О Возможности Синтеза Концепции Удовлетворяющего Поиска И Неоклассической Доктрины
[A note on the synthesis of the satisficing concept and the neoclassical theory]

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  • Malakhov, Sergey

Abstract

The paper argues that when a consumer searches for a lower price, a satisficing decision procedure equalizes marginal costs of search with its marginal benefit. The consumer can maximize the utility of his consumption-leisure choice with regard to the equality of marginal values of search. Therefore, the satisficing decision procedure results in the optimizing consumer behavior.

Suggested Citation

  • Malakhov, Sergey, 2012. "К Вопросу О Возможности Синтеза Концепции Удовлетворяющего Поиска И Неоклассической Доктрины [A note on the synthesis of the satisficing concept and the neoclassical theory]," MPRA Paper 49494, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:49494
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    References listed on IDEAS

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    More about this item

    Keywords

    satisficing; consumption; leisure; price dispersion; search;
    All these keywords.

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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