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Economics
In economics, satisficing is a behaviour which attempts to achieve at least some minimum level of a particular variable, but which does not strive to achieve its maximum possible value. The most common application of the concept in economics is in the behavioural theory of the firm, which, unlike traditional accounts, postulates that producers treat profit not as a goal to be maximized, but as a constraint. Under these theories, a critical level of profit must be achieved by firms; thereafter, priority is attached to the attainment of other goals. Buyers bargain for good prices while sellers put forth their best front in Chichicastenango Market, Guatemala. ...
Behavior or behaviour refers to the actions or reactions of an object or organism, usually in relation to the environment. ...
The largest and the smallest element of a set are called extreme values, or extreme records. ...
In computer science and mathematics, a variable (sometimes called a pronumeral) is a symbol denoting a quantity or symbolic representation. ...
The largest and the smallest element of a set are called extreme values, or extreme records. ...
The theory of the firm consists of a number of economic theories which describe the nature of the firm (company or corporation), including its behaviour and its relationship with the market. ...
In microeconomics, production is the act of making things, in particular the act of making products that will be traded or sold commercially. ...
To meet Wikipedias quality standards, this article or section may require cleanup. ...
A constraint is a limitation of possibilities. ...
The word satisfice was coined by Herbert Simon in 1957. Simon says that people are only 'rational enough', and in fact relax their rationality when it is no longer required. This is called bounded rationality. Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was a researcher in the fields of cognitive psychology, computer science, public administration, economics and philosophy (sometimes described as a polymath). ...
1957 (MCMLVII) was a common year starting on Tuesday of the Gregorian calendar. ...
Many models of human behavior in the social sciences assume that humans can be reasonably approximated or described as rational entities, especially as conceived by rational choice theory. ...
Some consequentialist theories in moral philosophy use the concept of satisficing in the same sense, though most call for optimization instead. Consequentialism refers to those moral theories that hold that the consequences of a particular action form the basis for any valid moral judgement about that action. ...
Ethics is a general term for what is often described as the science (study) of morality. In philosophy, ethical behavior is that which is good or right. ...
Cybernetics (Artificial Intelligence) In cybernetics, satisficing is optimization where all costs, including the cost of the optimization calculations and the cost of getting information for use in those calculations, are considered. Again, in a ship, if a man were at liberty to do what he chose, but were devoid of mind and excellence in navigation (αÏετης κυβεÏνητικης), do you perceive what must happen to him and his fellow sailors? (Plato, Alcibiades, 135A). ...
In mathematics, the term optimization refers to the study of problems that have the form Given: a function f : A R from some set A to the real numbers Sought: an element x0 in A such that f(x0) ≤ f(x) for all x in A (minimization) or such that...
As a result, the eventual choice is usually sub-optimal as regards the main goal of the optimization, i.e. different from the optimum in the case that the costs of choosing are not taken into account.
Reference: Klaus Krippendorff's "A Dictionary of Cybernetics".
Social and Cognitive Psychology In Social cognition, the Jon A. Krosnick theory of survey satisficing says that optimal question answering involves a great deal of cognitive work. Some people may shortcut their cognitive processes in two ways: Social cognition is the name for both a branch of psychology that studies the cognitive processes involved in social interaction, and an umbrella term for the processes themselves. ...
Statistical surveys are used to collect quantitative information about items in a population. ...
Cognitive The scientific study of how people obtain, retrieve, store and manipulate information. ...
- Weak satisficing: Respondent executes all cognitive steps involved in optimizing, but less completely and with bias.
- Strong satisficing: Respondent offers responses that will seem reasonable to the interviewer without any memory search or information integration.
Likelihood to satisfice is linked to respondent ability, respondent motivation and task difficulty. For Wikipedias policy on avoiding bias, see Wikipedia:Neutral point of view. ...
To meet Wikipedias quality standards, this article or section may require cleanup. ...
Regarding survey answers, satisficing manifests:
- choosing explicitly offered no-opinion response option
- choosing socially desirable responses
- nondifferention when a battery of questions asks for ratings of multiple objects on the same response scale
- acquiescence response bias, which is the tendency to agree with any assertion, regardless of its content
Decision Making In decision-making, satisficing explains the tendency to select the first option given that can work for the situation rather than the “optimal” solution.
Example: One's task is to sew a patch onto a pair of jeans. The best needle to do the threading is a 4 in long needle with a 3 millimeter eye. This needle is hidden in a haystack along with 1000 other needles varying in size from 1 inch to 6 inches. Satisficing claims that the first needle that can sew on the patch is the one that should be used. Spending time searching for that one specific needle in the haystack is a waste of energy and resources.
Satisficing occurs in consensus building when the group looks towards a solution everyone can agree on even if it may not be the best.
Example: A staff spends hours projecting the next fiscal year's budget. After hours of debating they eventually reach a consensus only to have one person speak up and ask if the projections are correct. When the group becomes upset at the question, it is not because this person is wrong to ask, but rather because they have come up with a solution that works. The projection may not be what will actually come, but the majority agrees on one number and thus the projection is good enough to close the book on the budget.
References - Holbrook, A.; Green, M.; Krosnick, J. 2003. "Telephone versus face-to-face interviewing of national probability samples with long questionnaires - comparison of respondent satisficing and social desirability response bias." Public Opinion Quarterly, Vol 67, 79-125.
- Krippendorff, Klaus. "A Dictionary of Cybernetics."
- Krosnick, J. 1991. "Response strategies for coping with the cognitive demands of attitude measures in surveys." Applied Cognitive Psychology. Vol 5, 213-36.
See also In mathematics, the term optimization refers to the study of problems that have the form Given: a function f : A R from some set A to the real numbers Sought: an element x0 in A such that f(x0) ≤ f(x) for all x in A (minimization) or such that...
Decision theory is an interdisciplinary area of study, related to and of interest to practitioners in mathematics, statistics, economics, philosophy, management and psychology. ...
Many models of human behavior in the social sciences assume that humans can be reasonably approximated or described as rational entities, especially as conceived by rational choice theory. ...
Rational ignorance is a term most often found in economics, particularly public choice theory, but also used in other disciplines which study rationality and choice, including philosophy (epistemology) and game theory. ...
This article or section is missing references or citation of sources. ...
In artificial intelligence, the frame problem has a number of possible formulations. ...
In microeconomics, the Utility Maximization Problem is the problem consumers face: how should I spend my money in order to maximize my utility? Suppose their consumption set has L commodities. ...
Homo economicus, or Economic man, is the concept in some economic theories of man as both rational and It is a term used for an approximation or model of Homo sapiens that acts to obtain the highest possible well-being for himself given available information about opportunities and other constraints...
The principle of good enough is a rule for software and systems design. ...
External links - Web Dictionary of Cybernetics and Systems definition of "satisficing"
- Michael Byron. Satisficing and Optimality. Ethics 109 (1998): 67-93. A paper on satisficing considered from a philosophical viewpoint.
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