Satisficing, Bounded Rationality and Relapse Errors
a Group of Accounting

Essay

Satisficing, bounded rationality and relapse errors
A group of accounting students was discussing which elective courses they should take as part of their degree; several comments from their conversation appear below. Place an "X" in the appropriate column to indicate whether each comment most clearly demonstrates satisficing, bounded rationality or relapse errors. $\begin{array}{c}\begin{array}{|l|}\hline\\\\\hline \text {a. I choose classes based on the cost of the}\\ \text {textbooks they require.}\\\hline \text {b. I didn't read the book in Prof. Smith's}\\\text { class at all last semester, and I did poorly. }\\\text {But, I passed. so I'm not planning to do}\\\text { the reading next time either.}\\\hline \text {c. I know what "auditing" is, so I'm taking}\\\text { as many auditing electives as I can.}\\\hline \text {d. I prefer taking courses in the morning, so I }\\\text {don't even look at courses offered later in }\\\text {the day.}\\\hline \text {e. I took my dad's advice about my classes}\\\text { last term; even though it didn't work out}\\\text { too well. I'm planning to ask him again.}\\\hline \text {f. I'm familiar with the process of preparing }\\\text {tax returns: I'm planning to take as many}\\\text { additional tax courses as possible.}\\\hline \text {g. I'm not good at management accounting.}\\\hline \text {h. I'm taking whatever courses are offered in}\\\text { time for me to graduate.}\\\hline \text {i. I've taken forensic accounting twice and}\\\text { failed both times. But, I'm going to }\\\text {register for that class again and again until}\\\text { I pass it.}\\\hline \text {j. The easier a class is, the more likely I am}\\\text { to take it.}\\\hline\end{array}\begin{array}{l|}\hline\\\text { Satisficing }\\\hline\\\\\hline\\\\\\\\\hline\\\\\hline\\\\\\\hline\\\\\\\hline\\\\\\\hline\\\hline\\\\\hline\\\\\\\\\hline\\\\\hline\end{array}\begin{array}{l|}\hline\text {Bounded }\\\text {rationality }\\\hline\\\\\hline\\\\\\\\\hline\\\\\hline\\\\\\\hline\\\\\\\hline\\\\\\\hline\\\hline\\\\\hline\\\\\\\\\hline\\\\\hline\end{array}\begin{array}{l|}\hline\text {Relapse }\\\text {errors }\\ \hline\\\\\hline\\\\\\\\\hline\\\\\hline\\\\\\\hline\\\\\\\hline\\\\\\\hline\\\hline\\\\\hline\\\\\\\\\hline\\\\\hline\end{array}\end{array}$