satisfice

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satisfice

an approach to decision-making which aspires to achieve satisfactory but not optimum results. It can be a rational approach because it accepts that the perfect knowledge necessary to make the best decision is usually unattainable. Instead decision-makers will act in accordance with RULES OF THUMB which they know will at least achieve acceptable results. See ORGANIZATIONAL ANALYSIS, BUSINESS OBJECTIVES.
References in periodicals archive ?
To arrive at a quantitative description of these differences, we chose to compare the slope of the decreasing trend in the proportion of individuals choosing the extensive-options scenario across the maximizer and satisficer groups using a one-phase exponential decay model applied to the data and following the procedures outlined in Motulsky and Christopoulos, 2004.
Friedian satisficers and more conventional contracting agents.
34) Implementing the findings showing that satisficers reach higher levels of utility, leads to a conclusion that optimizers, aiming at high utility levels, should adopt a strategy of satisficing as well, but one aimed at measurable attributes such as pay (in employment search), or price (in product search).
Birke suggests that after seeing the dangers of trying to maximize in the market, more of us will become satisficers, content when we have enough.
Robin Marris (The Economics of Managerial Capitalism, 1969) abandoned the idea of maximisation itself, suggesting that we should regard organisations as satisficers rather than maximisers, and that managers would aim at satisfactory levels of growth, profitability and share price value.
Originless Sin: Rational Dilemmas for Satisficers, ROY SORENSEN
On the other hand, institutionalists largely acknowledge an uncertain future and other limitations in the decision-making process that turn individuals into satisficers rather than optimizers (Simon, 1959; North, 1990; March, 1988; Hodgson, 1998; Conlisk, 1996).
This paper evaluates whether a model in which investors act as robust satisficers of profit, rather than as profit maximizers, is able to account for the home bias effect.
The final section was more general in nature and was designed to determine whether firms were indeed potential profit maximizers, or could in fact be described as satisficers.
They can be seen as pragmatists and satisficers rather than as rational optimizers.
In this situation, the satisficers may feel justified in shirking the extra work needed to bring the volume up to quality-press standards.