Theoretical Appraisal of Satisfactory Decisions: Uncertainty, Evolutionary Ideas and Beliefs, and Satisfactory Time Use
Authors: Okay Gunes
Unsatisfactory experiences due to an information shortage regarding the future pay-offs of actual choices, yield satisficing decision-making. This research will examine, for the first time in the literature, the motivation behind suboptimal decisions due to uncertainty by subjecting Adam Smith’s and Jeremy Bentham’s assumptions about the nature of the actions that lead to satisficing behavior, in order to clarify the theoretical background of a “consumption-based satisfactory time” concept. The contribution of this paper with respect to the existing literature is threefold: firstly, it is showed in this paper that Adam Smith’s uncertainty is related to the problem of the constancy of ideas and not related directly to beliefs. Secondly, possessions, as in Jeremy Bentham’s oeuvre, are assumed to be just as pleasing, as protecting and improving the actual or expected quality of life, so long as they reduce any displeasure due to the undesired outcomes of uncertainty. Finally, each consumption decision incurs its own satisfactory time period, owed to not feeling hungry, being healthy, not having transportation…etc. This reveals that the level of satisfaction is indeed a behavioral phenomenon where its value would depend on the simultaneous satisfaction derived from all activities.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1108863Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF
 D. Dequech, “Uncertainty: A Typology and Refinements of Existing Concepts” Journal of Economic Issues, 45, 2011, pp.621-640.
 T. Lawson, “Probability and uncertainty in economic analysis", Journal of Post Keynesian Economics, 11, 1988, pp. 38-65.
 D. Kahneman, “Maps of Bounded Rationality: Psychology for Behavioural Economics”, The American Economic Review, 93, 5, Dec., 2002.
 R. Reisenzein, “The Subjective experience of surprise”. H. Bless and & J. P. Forgas (Eds.), The message within: The role of subjective experience in social cognition and behaviour; Philadelphia, PA: Psychology Press, 2000, pp: 264
 W.-U. Meyer, R. Reisenzein, and A. Schutzwohl, “Towards a process analysis of emotions: The case of surprise” Motivation and Emotion, 21, 3, 1997, pp.251-274.
 D. Kahneman, Experienced utility and objective happiness: A momentbased approach. Choices, values and frames, New York: Cambridge University Press and the Russell Sage Foundation., 2000, pp. 673-692.
 A. Smith, The Principles which Lead and Direct Philosophical Enquiries: Illustrated by the History of Astronomy. In Essays on Philosophical Subjects, with Dugald Stewart's Account of Adam Smith, All Liberty Classics, 1795(1982), pp: 31-106.
 S. Hollander, “Adam Smith and the Self-Interest Axiom”, Journal of Law and Economics, 20/1,1984, p:681.
 N. Ashraf, C.F. Camerer, and G. Loewenstein, “Adam Smith, Behavioral Economist”, Journal of Economic Perspectives, 19, 3, 2005, pp:1-2.
 F. Luna, “From the History of Astronomy to the Wealt of nations: Wonderful Wheels and Invisible Hands in Adam Smith’s Major Work”, Working Paper, Department of Economics, University of California, Los Angles, 691S, 1993, p.2.
 J. R. Davis, “Adam Smith on the Providential Reconciliation of Individual and Social Interests: Is Man Led by an Invisible Hand or Misled by a Sleight of Hand?” History of Political Economy, 22, 2, 1990, pp:341-352.
 A.D. Alada, Iktisat Felsefesi ve Belirsizlik(Philosophy of Economy and Uncertinity),Baglam Yayincilik ,Istanbul, 2000, p.19.
 J. Bentham, An Introduction to the Principles of Morals and Legislation, J.H. Burns and H.L.A. Hart (eds), London: Athlone Press, 1789(1970).
 J. Bentham, “A Table of the Springs of Action”, in Deontology, together with A Table of the Springs of Action and the Article on Utilitarianism, A. Goldworth (ed.), Oxford: Clarendon Press, 1815(1983).
 M.E.L. Guidi, “On some asymmetries between pain and pleasure. Bentham “felicific calculus” and his critique of Locke and his followers” Paper in Conference on “The Paradoxes of Happiness in Economics”, 21-23 March, Università di Milano Bicocca, Milan, 2003, p.9.
 J. Bentham., The Rationale of Reward, in The Works of Jeremy Bentham, J. Bowring (ed.), 2, Edinburgh: Tait, 1825, (1838-1843).
 W. S., Jevons, The Theory of Political Economy. London: Macmillan., 1871, pp.53-54.
 R. Martinoia, “ That which is desired, which pleases, and which satisfies: Utility according to Alfred Marshall”, Journal of the History of Economic Thought, 25, 3, 2003.
 H. A. Simon, “Reply: Surrogates for uncertain decision problems”, O.N.R. Research Memorandum, w.p. within Planning and Control of Industrial Operation,38, 1956,p.3.
 H. A. Simon, “A Behavioural Model of Rational Choice”, Quarterly Journal of Economics, 69, 1955, pp. 99-118.
 H. A. Simon, Models of Bounded Rationality, Vol.1, Economic Analysis and Public Policy, Cambridge, Mass., MIT Press., 1982.
 J. Brownlee, “Satisficing, Optimization, and Adaptive Systems”, Complex Intelligent Systems Laboratory, Centre for Information Technology Research, Technical Report 070305A, Melbourne, Australia, 2007
 H. A. Simon, The Sciences of the Artificial, MIT Press. 3rd ed., 1996, pp. 31-32.
 H. A. Simon, “Rational choice and the structure of the environment”, Psychological Review, 63, Mars, 1956, p.3.
 G.S. Becker, “A Theory of the Allocation of Time”, The Economic Journal, 75, 1965, pp. 493-517.
 R. Firsch, “Sur un problem d’économie pure”, Metroeconomica, IX, II, 1957, pp.79-110.
 P. Raimondos-Møller, and A.D., Woodland, “Market access an