Satisficing: Integrating Two Traditions
Open accessAbstract
In 1955, Herbert Simon introduced the notion of satisficing: an agent satisfices by searching for an alternative that meets an aspiration level but does not optimize. We survey more than 60 years of advances in understanding satisficing in economics, psychology, and management, identifying two research traditions that address two classes of situations: under risk, satisficing is typically inferior to optimization strategies and modeled according to the neoclassical framework; under uncertainty, satisficing strategies are often derived empirically and can be highly effective. We integrate the two research traditions and show the conditions under which satisficing can be rational. (JEL D11, D80, D90)
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A lack of critical thinking may also manifest through accepting a solution that merely meets a baseline aspirational threshold.
“A lack of critical thinking may also manifest through accepting a solution that merely meets a baseline aspirational threshold [6,119] -in such cases, the AI solution is correct (albeit potentially of poor quality) and therefore not overreliance, strictly speaking.”
From The Impact of Generative AI on Critical Thinking: Self-Reported Reductions in Cognitive Effort and Confidence Effects From a Survey of Knowledge Workers (2025) · cites this paper as [6]
Section 2.3 (Satisficing: Definition; page not provided) describes stopping the search at the first alternative that meets or exceeds an aspiration level. It does not characterize doing so as a lack of critical thinking; section 4.1 (Cost-Benefit Trade-Off; page not provided) instead discusses reasons a simpler decision strategy can be rational. (LLM, conf=0.86)
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References 193 · Cited by 90
Research works printed but not linked: 34
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- Authors
- Artinger, F. M., Gigerenzer, G., & Jacobs, P.
- Affiliations
- Max Planck Institute for Human Development (DE)
- Max Planck Society (DE)
- Venue
- Journal of Economic Literature
- Publisher
- American Economic Association
- Published
- 2022-06-01
- Volume
- 60
- Issue
- 2
- Pages
- 598-635
- ISSN
- 0022-0515 (ISSN-L)
- OpenAlex
- W3118038935
- Cited by
- 90
- References
- 193
- Citations by year
- 2026: 15 · 2025: 24 · 2024: 21 · 2023: 24 · 2022: 3 · 2021: 3
- FWCI
- 12.18
- Type
- journal article
- Language
- en
- Open access
- green
- hdl.handle.net
- Locations
- Journal of Economic Literature (publishedVersion)
- MPG.PuRe (Max Planck Society) (submittedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Economic Theory and Institutions
- Social Sciences › Safety Research › Experimental Behavioral Economics Studies
- Keywords
- satisficing, Herbert Simon, bounded rationality, aspiration levels, uncertainty, rationality, decision-making, neoclassical economics, behavioral economics
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