satisfier

A satisfier is a term used in decision-making and behavioral economics to describe a strategy that aims for a satisfactory or acceptable outcome rather than an optimal one. This concept was introduced by Herbert Simon as an alternative to the traditional economic model of "optimizer," which assumes individuals make decisions to maximize their utility. Satisficers, on the other hand, engage in a search process until they find an option that meets their minimum criteria or aspiration level. Once such an option is found, they stop searching, even if better options might exist.

The idea of satisficing is rooted in the concept of bounded rationality, which acknowledges that human decision-making capabilities are limited by cognitive constraints, time, and information availability. Satisficing is therefore seen as a practical and efficient approach in complex environments where exhaustive search and optimization are impossible or too costly. It is a heuristic, a mental shortcut, that allows individuals to make decisions effectively with limited resources.

Examples of satisficing can be observed in everyday life. When looking for a restaurant, a satisficer might choose the first one they find that has decent reviews and a menu they like, rather than researching every possible option in the city. Similarly, when hiring, a manager might select the first candidate who meets the essential qualifications, rather than interviewing every applicant. While satisficing may not always lead to the absolute best outcome, it often results in a good enough solution that is achieved with less effort and time. This approach is prevalent because it balances the desire for a good outcome with the realities of limited resources.