Quotes About Satisfice

Therefore, Simon argues, when they make their choices, human beings satisfice, that is, we look for 'good enough' solutions rather than the best ones, as in the Neoclassical theory.25

The word satisfice is a combination of the words satisfy and suffice. It's a term that Herbert Simon coined in the 1950s, and it represents what we should shoot for rather than something that is guaranteed to optimize and maximize our happiness.