Good morning. You spent three weeks choosing something that deserved an afternoon.
Decisions.
Satisficing vs Maximising
Think of the decision you are still shopping — three quotes in, four candidates seen, none of them chosen. Is the next option going to tell you something the last three did not, or are you waiting for one of them to feel best enough to let you stop, and paying for that wait in weeks you will not get back?
Herbert Simon won the 1978 Nobel Prize in Economics for correcting how economists imagined people choose. Real decision-makers do not optimise, he argued, because they cannot: in A Behavioral Model of Rational Choice (1955) he set out bounded rationality — limited information, limited time, limited attention — and the following year he coined satisficing, a blend of satisfy and suffice. You set a standard for what would be good enough, search until something meets it, and stop. Maximising searches the whole field for the best. Simon's claim was not that satisficing is a lesser method for lazier people; under real constraints it is the rational one. Half a century later, Sheena Iyengar, Rachael Wells and Barry Schwartz followed graduating students through a job hunt (Psychological Science, 2006) and found the maximisers among them landed jobs paying around twenty per cent more — and felt distinctly worse about them: more regret, more anxiety, less satisfaction. A better outcome, bought at a price nobody had priced.
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