satisficing


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satisficing

the behaviour of an individual or firm in which, partly as the result of inadequate information, rather than seeking to maximize profits. etc. as in orthodox theories of economic rationality, a 'satisfactory’ level of return is sought. Thus within the firm, organizational objectives such as increased size, prestige, or security, may have a greater priority than the maximization of profit. see also ORGANIZATIONAL CULTURE. ORGANIZATION THEORY.
References in periodicals archive ?
Since fans would not target CB levels beyond the satisficing level, the existence of such satisficing thresholds is generally hard to verify empirically.
The obligation to show that "there are good reasons for the new policy," coupled with the lack of any obligation to show that chosen policy is better than the alternatives, is in effect a satisficing approach, rather than a comparative one.
This is an important point, since most standard consequentialist views see individuals only as substitutable containers of wellbeing, which is actually one of the reasons why critics of satisficing consequentialism, such as Tim Mulgan (2001), assume that satisficers can get away with murder, a conclusion that is simply wrong if one's wellbeing dimension respects the separateness of persons.
In the sequential satisficing track, IBaCoP2 (Cenamor, de la Rosa, and Fernandez), which is a portfolio-based approach combining a set of state-of-the-art planning engines, was declared as the winner and Mercury (Katz and Hoffmann), which uses best first search with partial delete-relaxation heuristics, was declared as the runner-up.
Satisficing is a term coined by Herbert Simon in 1947 to explain how a decision could be made when there is no single correct answer.
Users in satisficing mode--whether they are paper readers or digital readers--are likely to read the first one or two sentences of a paragraph and then skip the rest if those first sentences do not reveal the paragraph's relevance to their reading agenda.
One obvious response is: "Okay, maybe satisficing on consumer
118) In contrast were the roughly 60% overall (in both studies) who chose to deny when their friend was expected to deny or believed to have denied; these subjects, who settled for an eight-year sentence (but could have received a three-year sentence if they had confessed), can be seen as having made a satisficing decision.
Until comparatively recently, public bureaucratic conduct did not always--perhaps even did not usually--display an acceptable balance between, on the one hand, what it was maximising and, on the other, what it was merely satisficing, in the sense of decision-making for the purpose of reaching an 'acceptable' level.
For example, Simon's (1955) satisficing is a heuristic: Decision options are searched until an option with attribute values better than predetermined thresholds is found--for example, a coffee machine supplier who can deliver 1,000 machines within 2 weeks and charges <$50,000--when such an option is found, no more information is gathered, no more computations are made, and this option is chosen.
Indeed, Barge and Gehlbach (2012) showed that satisficing is quite common when reporting college self-reported gains and that this tendency may substantially and adversely affect survey results (also see Chen, 2011).
But mice remain mice as long as they survive to pass on their genome--it is what neo-Darwinism calls satisficing (Dawkins 1999, 156; see Roughgarden 2004, 26-27).