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The term satisficing, a portmanteau of satisfy and suffice, was introduced by Herbert A. Simon in 1956, although the concept was first posited in his 1947 book Administrative Behavior. Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined. He maintained that many ...
Nov 30, 2018 · In this section we highlight early, key contributions to modeling procedures for boundedly rational judgment and decision-making, including the origins of the accuracy-effort trade-off, Simon’s satisficing strategy, improper linear models, and the earliest effort to systematize several features of high-level, cognitive judgment and decision ...
Jan 1, 2018 · Herbert Simon adopted the term ‘satisficing’ to refer to a near-ubiquitous feature of observed decision behaviour: the fact that decision makers commonly settle for an alternative that is judged to be ‘good enough’ in the light of available information and prevailing goals.
- Sidney G. Winter
- winter@wharton.upenn.edu
After enrolling in a course on "Measuring Municipal Governments," Simon became a research assistant for Clarence Ridley, and the two co-authored Measuring Municipal Activities: A Survey of Suggested Criteria for Appraising Administration in 1938. [22]
The idea of satisficing as a decision rule began with Herbert Simon. Simon was dissatisfied with the increasingly dominant notion of individuals as rational decision makers who choose alternatives that maximize expected utility on two grounds.
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Jan 1, 2018 · Both satisficing and bounded rationality were introduced in 1955, when Herbert Simon published a paper that provided the foundation for a behavioral perspective on human decision-making (see entry on “ Bounded Rationality ”; see entry on “ Satisficing ”).
Mar 20, 2009 · Herbert Simon (1916-2001) is most famous for what is known to economists as the theory of bounded rationality, a theory about economic decision-making that Simon himself preferred to call...
