While the assumption of utility-maximizing consumers has been challenged for decades, empirical applications of alternative choice rules are still very recent. We add to this growing body of literature by proposing a model based on Simon’s idea of a “satisficing” decision maker. In contrast to previous models (including recent models implementing alternative choice rules), satisficing depends o...

A range of empirical approaches to representing preference heterogeneity have emerged in choice modelling. Researchers have been able to explore the differences which selection of a particular approach makes to welfare measures in a particular dataset, and indeed have been able to implement a number of tests for which approach best fits a particular set of data. However, the question as to the ...

We introduce human capital theory from Economics and place it in context with traditional approaches to the study of IT personnel turnover. Using data on 732 IT professionals, we find longstanding empirical regularities are absent from the recent data but that these irregularities may be explained by extending human capital theory to account for important characteristics of the IT professional’...