What does satisfice mean?

Definitions for satisfice
sat·is·fice

This dictionary definitions page includes all the possible meanings, example usage and translations of the word satisfice.

Princeton's WordNet

  1. satisfice, satisfiseverb

    decide on and pursue a course of action satisfying the minimum requirements to achieve a goal

    "optimization requires processes that are more complex than those needed to merely satisfice"

Wiktionary

  1. satisficeverb

    To make a choice that suffices to fulfill the minimum requirements to achieve an objective, without special regard for utility maximization or optimization of one's preferences.

  2. Etymology: 1560, Northern alteration of satisfy, probably influenced in form by satisfacere.

Wikipedia

  1. satisfice

    Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met. The term satisficing, a portmanteau of satisfy and suffice, was introduced by Herbert A. Simon in 1956, although the concept was first posited in his 1947 book Administrative Behavior. Simon used satisficing to explain the behavior of decision makers under circumstances in which an optimal solution cannot be determined. He maintained that many natural problems are characterized by computational intractability or a lack of information, both of which preclude the use of mathematical optimization procedures. He observed in his Nobel Prize in Economics speech that "decision makers can satisfice either by finding optimum solutions for a simplified world, or by finding satisfactory solutions for a more realistic world. Neither approach, in general, dominates the other, and both have continued to co-exist in the world of management science".Simon formulated the concept within a novel approach to rationality, which posits that rational choice theory is an unrealistic description of human decision processes and calls for psychological realism. He referred to this approach as bounded rationality. Some consequentialist theories in moral philosophy use the concept of satisficing in the same sense, though most call for optimization instead.

ChatGPT

  1. satisfice

    Satisfice is a decision-making strategy in which an individual or group chooses an option that is satisfactory or good enough, rather than the optimal or perfect solution. It's a combination of "satisfy" and "suffice," and it stems from the understanding that the costs (such as time or effort) associated with finding the absolute best choice might outweigh the benefits of that choice.

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Numerology

  1. Chaldean Numerology

    The numerical value of satisfice in Chaldean Numerology is: 2

  2. Pythagorean Numerology

    The numerical value of satisfice in Pythagorean Numerology is: 1


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"satisfice." Definitions.net. STANDS4 LLC, 2024. Web. 19 Mar. 2024. <https://www.definitions.net/definition/satisfice>.

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