Satisficing behavior theory by Simon and Cyert?

Answer 1

Satisficing behavior theory, developed by Herbert Simon and later expanded by Richard Cyert, posits that individuals and organizations often settle for a solution that meets acceptable criteria rather than optimizing for the best possible outcome. This approach arises from the limitations of human cognitive abilities and the complexity of decision-making environments. As a result, decision-makers seek satisfactory options that fulfill their needs while avoiding the exhaustive search for the optimal solution, which may be impractical or impossible. This theory highlights the balance between rationality and the constraints imposed by real-world conditions in decision-making processes.