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Satisficing: Integrating Two Traditions

By Florian M. Artinger, Gerd Gigerenzer, and Perke Jacobs

Journal of Economic Literature, June 2022

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, psyc...