https://www.lesswrong.com/posts/5MW3DWbvcrztvKnMS/in-praise-...
https://www.psychologytoday.com/us/blog/science-choice/20150...
Personally, in your example with the phone, I think that maximizing is a good strategy. My phone is a critical part of my work envronment, so I'm prepared to invest time and money when chosing and buying one -- that is, I'm a maximizer when it comes to buying phones.
On the other hand, when the cost of error is small and the timespan of possible negative consequences is short (e.g. mintes or hours), I'd satisfice. Examples: buying a bottle of water or a quick snack.
As for deciding when to stop, there is the Secretary Problem (https://en.wikipedia.org/wiki/Secretary_problem), but using this strategy can be painful for maximizers.