While utility maximisation approaches are used widely, they have been criticised for making unrealistic assumptions. Knowledge is often not freely available, and the limitations of human cognitive capacities are well-documented (van den Bergh et al. 2000). Further well known cognitive biases exist. Bounded rationality relaxes the assumptions of utility optimisation, and aims to predict behaviour based on, for example, heuristics or rules of thumb, which are simple rules that achieve an approximately optimal outcome (Kahneman et al. 1982). Bounded rationality suggests that people engage in a mental search of available options, and choose the first one that is satisfactory (Simon 1956). This so-called satisficing is different from optimizing in that it involves comparing not the outcomes of different choice options, but of each choice option with a set of minimum criteria. Closely linked to bounded rationality is the concept of adaptive heuristics: people develop and use mental shortcuts to identify acceptable options quickly, with a minimal amount of necessary information (Payne et al. 1993).