“Satisficing” in 2020!- Choose the Best Available Option. February 25, 2020
Posted by Chris Mark in Politics, Uncategorized.Tags: 2nd amendment, bias, Decision Making, Herbert Simon, Heuristic, politics, Satisficing
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Herbert Simon
As we are well into this 2020 political cycle I thought it prudent to reference an important political (and decision making) concept. In his seminal 1947 work Administrative Behavior the esteemed Political Scientist, Economist and Nobel Prize Laureate Herbert Simon referenced a concept he called Satisficing. The concept was formally put forth in 1965. So what exactly is Satisficing? First it is a portmanteau which combines “satisfy” and “success”. According to Wikipedia Satisficing is: “Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.” The term satisficing, is a combination of satisfy and suffice.”
We all Satisfice every day. Consider the last car you bought. (more…)
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