Satisficing is the tendency of

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26-10-2022
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Satisficing is the tendency of

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qwdeeppink qwdeeppink · Answer 1 · 2022-10-27T16:53:05+02:00

Satisficing is the tendency of a group to settle on a decision that is good enough.

In a decision-making process known as satisficing, a person chooses an option that is acceptable but not ideal. Satisficing thus symbolizes the types of judgments we are actually capable of making because it would take a lot of work to obtain all the knowledge necessary to make the greatest choice, and it might not even be possible.

The reverse of satisfying in terms of decision-making. To do optimization, all relevant data must be gathered in order to make the best decision possible. According to conventional economic theory, the decision that maximizes utility is typically seen as the best one.

Making "good enough" decisions rather than ideal ones is the essence of satisfying oneself.

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