satisficer

(noun)

One who seeks a satisfactory solution rather than an optimal one.

Related Terms

  • Rational choice theory
  • bounded rationality

Examples of satisficer in the following topics:

  • Non-Rational Decision Making

    • Simon defined two cognitive styles: maximizers and satisficers.
    • Maximizers try to make an optimal decision, whereas satisficers simply try to find a solution that is "good enough."
    • They also tend to regret their decisions more often (perhaps because they are more able than satisficers to recognize when a decision has turned out to be sub-optimal).
    • On the other hand, satisficers recognize that decision makers lack the ability and resources to arrive at an optimal solution.
    • Thus, a satisficer seeks a satisfactory solution rather than an optimal one.
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