satisfacing

Satisficing is a decision-making strategy that aims for a satisfactory solution rather than an optimal one. The term was coined by Herbert Simon in his 1957 book, Models of Man. It combines the words "satisfy" and "suffice." Satisficing is employed when individuals face complex problems, have limited time, or possess incomplete information. Instead of exhaustively searching for the best possible option, a satisficer identifies criteria for an acceptable outcome and chooses the first option that meets these criteria.

This approach contrasts with the concept of maximizing, which seeks to find the absolute best solution. Satisficing acknowledges the cognitive limitations of decision-makers and the practical constraints of real-world situations. It is often a more efficient and realistic method for making decisions, especially in everyday life. For example, when grocery shopping, a satisficer might choose the first brand of cereal that meets their basic requirements of taste and price, rather than comparing every available option to find the single best one.

The effectiveness of satisficing depends on the stakes of the decision. For low-stakes decisions, it can be highly efficient. However, for high-stakes decisions, the potential for missing a significantly better outcome might make satisficing less desirable. Understanding satisficing helps explain why people often make choices that are "good enough" rather than perfect.