Satisficing

Looking for options that are good enough. A strategy for decision making to stop the process when the first good enough alternative is found.

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Key Insights & Principles

Decision Making

1. Satisficing is often the optimal strategy in decision making, relative to a maximising strategy which can be costly in time, energy and resources spent.
2. We can never have complete information.
3. Satisficers are less prone to social comparison bias.
4. Social media is directly opposed to satisficing - always trying to convince us that there is better.
5. Humans crave the illusion of certainty, and thus maximising is appealing.
6. Heuristics help us practice satisficing.
7. Satisficers are usually happier - less prone to the hedonic treadmill.

1. Actively look to satisfice when decision making.
2. Set minimum criteria for an acceptable solution; seek solutions that fit the criteria; choose the first option that fits; settle.

Book References