This is a followup to my earlier post on How to Make Fewer Decisions. You may want to read that one first, although it’s not strictly necessary. In economics, satisficing is a decision-making strategy that tries to find a “good enough” solution to a problem. It can be contrasted with maximizing, which tries to find the best (or at least close to optimal) solution. It’s quite common to see search problems in all areas of the world ranging from the personal (which flavor of jam or which car should I buy?) to the business (which product should we invest in? which technology should we use to build it?). And the strategy we use to perform this search can have a big effect on how happy we are with the results.
When to Satisfice (And When Not To)
When to Satisfice (And When Not To)
When to Satisfice (And When Not To)
This is a followup to my earlier post on How to Make Fewer Decisions. You may want to read that one first, although it’s not strictly necessary. In economics, satisficing is a decision-making strategy that tries to find a “good enough” solution to a problem. It can be contrasted with maximizing, which tries to find the best (or at least close to optimal) solution. It’s quite common to see search problems in all areas of the world ranging from the personal (which flavor of jam or which car should I buy?) to the business (which product should we invest in? which technology should we use to build it?). And the strategy we use to perform this search can have a big effect on how happy we are with the results.