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The distinction between satisficing and maximizing not only differs in the decision-making process, but also in the post-decision evaluation. Maximizers tend to use a more exhaustive approach to their decision-making process: they seek and evaluate more options than satisficers do to achieve greater satisfaction.
The distinction between "maximizing" and "satisficing" was first made by Herbert A. Simon in 1956. [1] [2] Simon noted that although fields like economics posited maximization or "optimizing" as the rational method of making decisions, humans often lack the cognitive resources or the environmental affordances to maximize.
Satisficing: examining alternatives only until the first acceptable one is found. The opposite is maximizing or optimizing, in which many or all alternatives are examined in order to find the best option. Acquiesce to a person in authority or an "expert"; "just following orders".
The alternative to maximizing is to be a satisficer. A satisficer has criteria and standards, but a satisficer is not worried about the possibility that there might be something better. Ultimately, Schwartz agrees with Simon's conclusion, that satisficing is, in fact, the maximizing strategy. [3]
For instance, professional real-estate entrepreneurs rely on satisficing to decide in which location to invest to develop new commercial areas: "If I believe I can get at least x return within y years, then I take the option." [20] In general, satisficing is defined as: Step 1: Set an aspiration level α
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