Comments on: Information Searching and Maximizers and Satisficers http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/ Economics. Data. Software. Fri, 15 Oct 2010 05:46:19 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Eric http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/comment-page-1/#comment-98 Eric Fri, 12 Oct 2007 16:42:29 +0000 http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/#comment-98 Great post. I think you're right on when asking "when in enough info enough"? Also, there is a study "Doing better but feeling worse" In Psych Science where maximizers "did better" in job searches. They made more money, etc... But Satisfices were happier. So in someways it depends on your final goal for making the decision. Do you want to be happy with your new car? Or get the best car? Then there is the whole next level of questions about whether we can actually choose to modify our behavior and change from rich unhappy maximizers to poorer but happier satisfices. Great post. I think you’re right on when asking “when in enough info enough”?

Also, there is a study “Doing better but feeling worse” In Psych Science where maximizers “did better” in job searches. They made more money, etc… But Satisfices were happier. So in someways it depends on your final goal for making the decision. Do you want to be happy with your new car? Or get the best car? Then there is the whole next level of questions about whether we can actually choose to modify our behavior and change from rich unhappy maximizers to poorer but happier satisfices.

]]> By: zot http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/comment-page-1/#comment-93 zot Wed, 10 Oct 2007 15:36:51 +0000 http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/#comment-93 Hi Jeff, In economics we use optimize in the same way that engineers do, to describe the best/quickest/most efficient process or choice. I think the reason that maximize is used is to emphasize that maximizing is inefficient precisely because it involves a search for information that is suboptimal. Hi Jeff,

In economics we use optimize in the same way that engineers do, to describe the best/quickest/most efficient process or choice.

I think the reason that maximize is used is to emphasize that maximizing is inefficient precisely because it involves a search for information that is suboptimal.

]]> By: Jeff Ellis http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/comment-page-1/#comment-92 Jeff Ellis Wed, 10 Oct 2007 14:35:20 +0000 http://blog.potterzot.com/2007/10/09/information-searching-and-maximizers-and-satisficers/#comment-92 I agree that we maximize or satisfice depending on the specific decision context. Nobody always maximizes or always satisfices. If I'm buying a new car I'll probably maximize (relative to a list of specific evaluation criteria like cost, gas milage, style, etc.); if I'm picking the next nail out of the bag I'll take the first one that's "good enough", i.e., that isn't bent. Your s-curve is a great model for the benefit of gathering information and shows this effectively as a continuum, not just an either/or choice between maximizing and satisficing. (BTW, in the engineering world we would say "optimize" not "maximize"). Jeff I agree that we maximize or satisfice depending on the specific decision context. Nobody always maximizes or always satisfices. If I’m buying a new car I’ll probably maximize (relative to a list of specific evaluation criteria like cost, gas milage, style, etc.); if I’m picking the next nail out of the bag I’ll take the first one that’s “good enough”, i.e., that isn’t bent. Your s-curve is a great model for the benefit of gathering information and shows this effectively as a continuum, not just an either/or choice between maximizing and satisficing.

(BTW, in the engineering world we would say “optimize” not “maximize”).

Jeff

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