A simple satisficing model

Economic theory is built on the assumption that people are omniscient utility maximizers. In reality, this is unlikely to be true and often people lack information about all alternatives that are available to them; either because the information is unavailable or that the cost of searching for and evaluating that information is high. In this...

Obfuscation maximization-based decision-making: Theory, methodology and first empirical evidence

Theories of decision-making are routinely based on the notion that decision-makers choose alternatives which align with their underlying preferences—and hence that their preferences can be inferred from their choices. In some situations, however, a decision-maker may wish to hide his or her preferences from an onlooker. This paper argues that...

Diabolical dilemmas of COVID-19: An empirical study into Dutch society's trade-offs between health impacts and other effects of the lockdown

We report and interpret preferences of a sample of the Dutch adult population for different strategies to end the so-called 'intelligent lockdown' which their government had put in place in response to the COVID-19 pandemic. Using a discrete choice experiment, we invited participants to make a series of choices between policy scenarios aimed...