Glossary entry (derived from question below)
English term or phrase:
satisficing
English answer:
satisficing
Jan 8, 2004 18:59
20 yrs ago
1 viewer *
English term
Steven Terrell
satisficing
Non-PRO
English
Bus/Financial
How does Herbert Simon's
"satisficing"
"satisficing"
Responses
| 3 +7 | created term - not really optimal but satisfactory |
RHELLER
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| 4 +4 | satisficing |
jerrie
|
| 5 | Optimization |
hira
|
Responses
+7
3 mins
Selected
created term - not really optimal but satisfactory
Thus, Simon claims, they have only "bounded rationality" and are forced to make decisions not by "maximization" by "satisficing", i.e. setting an aspiration level which, if achieved, they will be happy enough with, and if they don't, try to change either their aspiration level or their decision. These "rules of thumb" are the utmost agents can achieve in the "bounded" and uncertain real world.
4 KudoZ points awarded for this answer.
Comment: "Thank you very much. Have a great day ! :)"
+4
4 mins
satisficing
Not sure if this is the meaning you want...but it's one I found.
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Note added at 2004-01-08 19:04:56 (GMT)
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What is the meaning of Satisficing?
Satisficing is a method for making a choice from a set of alternatives encountered sequentially when one does not know much about the possibilities ahead of time. In such instances, there may be no optimal solution for when to stop searching for further alternatives. Satisficing takes the shortcut of setting an adjustable aspiration level and ending the search for alternatives as soon as one is encountered that exceeds the aspiration level (Simon, 1956: 129-138; 1990: 1-19). Satisficing is a form of bounded rationality. For a detailed explanation of rationality see Gigerenzer, et. al., 1999.
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Note added at 2004-01-08 21:00:42 (GMT)
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http://www.marketingpower.com/live/mg-dictionary-view2767.ph...
Dictionary of Marketing Terms
Comprehensive resource covering day-to-day marketing terminology
satisficing
- An action whose goal is to do something less than optimal, i.e., an action that is satisfactory and will \"get me by.\"
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Note added at 2004-01-08 19:04:56 (GMT)
--------------------------------------------------
What is the meaning of Satisficing?
Satisficing is a method for making a choice from a set of alternatives encountered sequentially when one does not know much about the possibilities ahead of time. In such instances, there may be no optimal solution for when to stop searching for further alternatives. Satisficing takes the shortcut of setting an adjustable aspiration level and ending the search for alternatives as soon as one is encountered that exceeds the aspiration level (Simon, 1956: 129-138; 1990: 1-19). Satisficing is a form of bounded rationality. For a detailed explanation of rationality see Gigerenzer, et. al., 1999.
--------------------------------------------------
Note added at 2004-01-08 21:00:42 (GMT)
--------------------------------------------------
http://www.marketingpower.com/live/mg-dictionary-view2767.ph...
Dictionary of Marketing Terms
Comprehensive resource covering day-to-day marketing terminology
satisficing
- An action whose goal is to do something less than optimal, i.e., an action that is satisfactory and will \"get me by.\"
Peer comment(s):
| agree |
Clauwolf
: yep
2 mins
|
| agree |
Iolanta Vlaykova Paneva
7 mins
|
|
Thanks
|
|
| neutral |
RHELLER
: this is not an accepted term - it is not in the dictionary as far as I can tell
1 hr
|
|
It would appear to be more of a marketing term. My link seemed more related to bus/fin..category chosen by asker
|
|
| agree |
Alexandra Tussing
7 hrs
|
| agree |
DGK T-I
21 hrs
|
16 mins
Optimization
It is used when there are multiple options and rather than going for the best, one takes the bit of all options to get the reachable desired goal.It is not the best or not the worst.
Please refer to www.pespmc1.vub.ac.be/ASC/SATISFICING.html
Please refer to www.pespmc1.vub.ac.be/ASC/SATISFICING.html
Peer comment(s):
| neutral |
RHELLER
: contresens (definition of optimization is "finding the best")
9 mins
|
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