Maximizing Satisficing And Their Impacts On Decision Making Behaviors

Abstract: When making a decision, some individuals have a strong desire towards maximizing decisional outcomes (i.e., maximizing tendency), while others tend to aim for satisfactory outcomes that meet acceptability thresholds (i.e., satisficing tendency). This study is designed to extend the research on individual differences in maximizing and satisficing tendencies. In particular, the purpose of this research is twofold, which includes assessing the construct validity of the Maximization Inventory (MI) and exploring the impact of maximizing versus satisficing tendencies on one's decision-making behaviors, in particular information acquisition and processing. To evaluate the construct validity of the MI scores empirically, the MI scores were examined with respect to their ability to predict the amount of effort participants exerted during decision-making (Study 1) and their degree of confidence in decision outcomes (Study 1 and 2). Additionally, the relationships between maximizing, satisficing, and decision-making behaviors were investigated in an experience-based gambling task (Study 1), a binary choice task (Study 2), and decision-making competence task (Study 3). Study results provide empirical evidence that the MI scores possess satisfactory construct validity. Additionally, findings from Study 1 and 2 indicate that maximizers tend to search for a large amount of information and to interpret the information conservatively. Maximizers' information processing style, in turn, moderates the size of the decision-experience gap (Study 1) and the degree of information distortion present during the choice process (Study 2). The results from Study 3 suggest that neither maximizing nor satisficing are significantly related to one's decision-making competence, defined as the ability to follow normative standards of optimal decision-making processes. Findings from the present research suggest that individual differences in the tendencies to maximize and satisfice significantly impact one's decision-making behavior. Implications of the research results and unanswered questions for future research are discussed.