Satisficing

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, although at least a critical level of profit must be achieved by firms; thereafter, priority is attached to the attainment of other goals.

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.

Some consequentialist theories in moral philosophy use the concept of satisficing in the same sense, though most call for optimization instead.

Cybernetics (Artificial Intelligence)
In cybernetics, satisficing is optimisation where all costs, including the cost of the optimisation calculations and the cost of getting information for use in those calculations, are considered.

As a result, the eventual choice is usually sub-optimal as regards the main goal of the optimisation, 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:


 * 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.

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