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

Figure 2

Satisficing behavior and welfare, case of normal distribution 𝑁(500,50).

(a) Satisficer correspondence (𝑎-range better than maximizer for each 𝑁) and best satisficer curve (in red)

(b) Utility as 𝑛 increases (𝑁=150)