satisficers

Satisficers are individuals who seek a solution that is good enough rather than the best possible one. The term, a blend of satisfy and suffice, was popularized by Herbert A. Simon in the middle of the 20th century within the field of bounded rationality. A satisficer sets minimum criteria or a threshold for an option and accepts the first option that meets those criteria, rather than exhaustively evaluating all alternatives to identify an optimal choice.

In decision making, satisficing is a practical strategy in environments with limited time, information, or cognitive resources, where computing an optimal decision would be costly or impossible. It emphasizes efficiency over maximal accuracy and can be adaptive when the likelihood of finding a truly superior option is low.

Advantages of satisficing include reduced cognitive effort, faster decision times, and lower decision fatigue. It can also lessen regret by avoiding endless search in situations where the payoff of marginal improvements is small. However, satisficing can miss better options and outcomes, especially if the thresholds are poorly chosen or become outdated. The approach depends on context, risk tolerance, and the costs of search.

Applications appear in consumer choices, hiring, and strategic management, where decision makers balance speed and quality. Related concepts include bounded rationality, heuristics, and the distinction between maximizing and satisficing, with the latter describing the rule of selecting the first option that meets minimum acceptable criteria.