>[!abstract] >Herbert Simon coined the term "satisficing" to describe the decision-making strategy where individuals or firms choose an option that is "good enough" rather than searching for the absolute best or "optimal" choice. This concept is rooted in his theory of bounded rationality, which acknowledges that human cognitive limitations, incomplete information, and time constraints prevent truly optimal decisions. Instead of maximizing, people satisfice by setting an aspiration level and selecting the first alternative that meets it. >[!related] >- **North** (upstream): [[Bounded rationality]] >- **West** (similar): [[Heuristics]], [[Minimum Effective Dose]] >- **East** (different): [[Maximizing]] (seeking the best possible option) >- **South** (downstream): [[Choice overload avoidance]]