Decision-making and Satisficing

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Difference between Decision-making and Satisficing

Decision-making vs. Satisficing

In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several alternative possibilities. Satisficing is a decision-making strategy or cognitive heuristic that entails searching through the available alternatives until an acceptability threshold is met.

Bias

Bias is disproportionate weight in favour of or against one thing, person, or group compared with another, usually in a way considered to be unfair.

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Bounded rationality

Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, the cognitive limitations of their minds, and the time available to make the decision.

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Cognition

Cognition is "the mental action or process of acquiring knowledge and understanding through thought, experience, and the senses".

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Economics

Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Flipism

Flipism, sometimes written as "Flippism," is a pseudophilosophy under which all decisions are made by flipping a coin.

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Herbert A. Simon

Herbert Alexander Simon (June 15, 1916 – February 9, 2001) was an American economist and political scientist whose primary interest was decision-making within organizations and is best known for the theories of "bounded rationality" and "satisficing".

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Mathematical optimization

In mathematics, computer science and operations research, mathematical optimization or mathematical programming, alternatively spelled optimisation, is the selection of a best element (with regard to some criterion) from some set of available alternatives.

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Maximization (psychology)

Maximization is a style of decision-making characterized by seeking the best option through an exhaustive search through alternatives.

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Optimism bias

Optimism bias (also known as unrealistic or comparative optimism) is a cognitive bias that causes a person to believe that they are at a lesser risk of experiencing a negative event compared to others.

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Rational choice theory

Rational choice theory, also known as choice theory or rational action theory, is a framework for understanding and often formally modeling social and economic behavior.

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Rationality

Rationality is the quality or state of being rational – that is, being based on or agreeable to reason.

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