This video continues the discussion of the expected utility principle and the sunk cost fallacy. Using an example of shopping, the concept of “satisficing” is introduced. People who use the strategy of satisficing tend to be happier than those who try to maximize their options.
Section 9: Utilities, Satisficing, and Pitfalls (4/5)
This is the 33rd of a total of 40 short videos, which are divided into 11 sections.
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