Reference Entry


Edited by John Black, Nigar Hashimzade and Gareth Myles

in A Dictionary of Economics

Fourth edition

Published in print January 2012 | ISBN: 9780199696321
Published online May 2013 | e-ISBN: 9780191759130

Show Summary Details


A decision-making strategy that aims at reaching an adequate outcome rather than an optimal outcome. Examples of satisficing are charging a fixed mark-up over costs, and purchasing the same bundle of commodities each week. Satisficing is often justified on the grounds that optimizing involves costly information collection and processing. As an economic theory it fails to explain why optimization is not undertaken incorporating these additional costs....

Reference Entry.  67 words. 

Subjects: Economics

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