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In a globally rational analysis all alternatives are evaluated before making a choice. In practice, people often employ non-exhaustive strategies. One of these strategies is
- In a "globally rational analysis" all alternatives are evaluated before making a choice. In practice, people often employ non-exhaustive strategies. One of these strategies is to examine alternatives sequentially and choose the first satisfactory alternative. This strategy is likely to be effective in the sense of achieving all or most of the available pay-off value for which case(s) below:
- Proposing marriage to the first satisfactory mate encountered
- Hiring the first applicant with an adequate resume
- In chess, selecting the first path found to a certain forced mate
- Applying to twenty colleges and committing to the first acceptance
- All of the above
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