Department of Economics2024-11-0920190304-406810.1016/j.jmateco.2019.01.0032-s2.0-85061785388http://dx.doi.org/10.1016/j.jmateco.2019.01.003https://hdl.handle.net/20.500.14288/8056We characterize Simon's (1955) search and satisficing model with an adaptive threshold and random search (SM-AT). The decision maker (DM) consistent with the SM-AT is endowed with a utility function, a random search distribution, and a deterministic but menu-dependent threshold. On any given trial, the DM searches the menu and stops whenever she finds an item with a utility level that is above the threshold. This simple choice procedure accommodates the well-known compromise and attraction effects. The SM-AT is more general than the random utility model and allows for systematic departures from regularity. Its characterization lets us differentiate adaptive satisficing behavior from random preference maximization in a (limited) standard stochastic choice data set.EconomicsMathematicsSocial SciencesMathematical methodsJournal Article462102700008Q44738