Satisficing

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Satisficing (in German Satisfizierung or entitlement fulfillment ), a word creation by Herbert A. Simon , is a suitcase word from the English words satisfying (= satisfying) and suffice (= enough). The term is used in economics , psychological decision theory, and cybernetics .

Satisficing describes the behavior of choosing the first option in a decision-making situation that fulfills the intended purpose or a previously defined level of demand. However, the level of aspiration can change over time. If, after a long search for alternatives, there is no way to meet the level of aspiration, this will be reduced. Favorable or unfavorable environmental changes can also lead to an adjustment of requirements and possibly trigger the search for new alternatives.

In contrast to satisficing, there is optimization (e.g. benefit maximization ), i.e. the search for alternatives until the best possible solution is found. In contrast to satisficing, this requires a full assessment of the entire alternative area. Another form of optimization that works at the same time as the fulfillment of claims would be, for example, the minimization of expenses , with a previously given target value (e.g. level of benefit). With satisficing, the effort required to find a solution is taken into account in the cost-benefit analysis . Satisficing is a variant of limited rationality .

description

There are two ways of satisficing:

restrictions

People want to act rationally, but are limited by limited capacities in absorbing and processing information :

  • Not all alternatives are known or are being considered.
  • It is not always clear what the consequences of each alternative are.
  • Consequences come in a future . It is often difficult to assess one's own future condition. This particularly applies to changed assessments of the benefit or sense of an action. Possible backgrounds are higher-level wishes or fundamentally changed values .

First solution

People don't maximize, they choose the first satisfactory solution. What is considered satisfactory depends on the individual level of demand.

  • The level of aspiration is based on the experiences of the individual:
  • If the level of demand is not satisfied over a longer period of time, it will decrease.
  • If the level of aspiration is achieved without great effort, it increases.

See also

further reading

Individual evidence

  1. ↑ Satisficing - definition in Gabler Wirtschaftslexikon
  2. ↑ Helmut Laux: Decision Theory. 6th edition. Springer, Berlin / Heidelberg / New York 2005, ISBN 3-540-23576-0 , p. 54 ff.