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satisficing

English translation: satisficing

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:satisficing
English translation:satisficing
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18:59 Jan 8, 2004
English to English translations [Non-PRO]
Bus/Financial
English term or phrase: satisficing
How does Herbert Simon's
"satisficing"
Steven Terrell
created term - not really optimal but satisfactory
Explanation:
Thus, Simon claims, they have only "bounded rationality" and are forced to make decisions not by "maximization" by "satisficing", i.e. setting an aspiration level which, if achieved, they will be happy enough with, and if they don't, try to change either their aspiration level or their decision. These "rules of thumb" are the utmost agents can achieve in the "bounded" and uncertain real world.
Selected response from:

RHELLER
United States
Local time: 03:49
Grading comment
Thank you very much. Have a great day ! :)
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +7created term - not really optimal but satisfactory
RHELLER
4 +4satisficing
jerrie
5Optimization
hira


  

Answers


3 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +7
created term - not really optimal but satisfactory


Explanation:
Thus, Simon claims, they have only "bounded rationality" and are forced to make decisions not by "maximization" by "satisficing", i.e. setting an aspiration level which, if achieved, they will be happy enough with, and if they don't, try to change either their aspiration level or their decision. These "rules of thumb" are the utmost agents can achieve in the "bounded" and uncertain real world.


    Reference: http://cepa.newschool.edu/het/profiles/simon.htm
RHELLER
United States
Local time: 03:49
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1252
Grading comment
Thank you very much. Have a great day ! :)

Peer comments on this answer (and responses from the answerer)
agree  jerrie: It would appear to be most commonly used in marketing terminology. I chose my link because it seemed to fall more under bus/fin category as specified by asker.
1 hr

agree  chica nueva: Hybrid word from satisfy, similar to maximise, minimise, optimise, rationalise, etc. Pronouncable approximation for 'satisfise'...'Identifying and choosing acceptable solutions'
2 hrs

agree  Rusinterp
7 hrs

agree  DGK T-I
21 hrs

agree  Mark Cole: A cross between "satisfying" and "suffice"?
1 day 2 hrs

agree  Iolanta Vlaykova Paneva
1 day 22 hrs

agree  Rajiv Arora
2 days 20 hrs
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4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +4
satisficing


Explanation:
Not sure if this is the meaning you want...but it's one I found.

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Note added at 2004-01-08 19:04:56 (GMT)
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What is the meaning of Satisficing?

Satisficing is a method for making a choice from a set of alternatives encountered sequentially when one does not know much about the possibilities ahead of time. In such instances, there may be no optimal solution for when to stop searching for further alternatives. Satisficing takes the shortcut of setting an adjustable aspiration level and ending the search for alternatives as soon as one is encountered that exceeds the aspiration level (Simon, 1956: 129-138; 1990: 1-19). Satisficing is a form of bounded rationality. For a detailed explanation of rationality see Gigerenzer, et. al., 1999.






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Note added at 2004-01-08 21:00:42 (GMT)
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http://www.marketingpower.com/live/mg-dictionary-view2767.ph...

Dictionary of Marketing Terms


Comprehensive resource covering day-to-day marketing terminology

satisficing
- An action whose goal is to do something less than optimal, i.e., an action that is satisfactory and will \"get me by.\"





    Reference: http://www.argospress.com/Resources/risk-management/ysatis.h...
jerrie
United Kingdom
Local time: 10:49
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 773

Peer comments on this answer (and responses from the answerer)
agree  Clauwolf: yep
2 mins

agree  Iolanta Vlaykova Paneva
7 mins
  -> Thanks

neutral  RHELLER: this is not an accepted term - it is not in the dictionary as far as I can tell
1 hr
  -> It would appear to be more of a marketing term. My link seemed more related to bus/fin..category chosen by asker

agree  Rusinterp
7 hrs

agree  DGK T-I
21 hrs
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16 mins   confidence: Answerer confidence 5/5
Optimization


Explanation:
It is used when there are multiple options and rather than going for the best, one takes the bit of all options to get the reachable desired goal.It is not the best or not the worst.
Please refer to www.pespmc1.vub.ac.be/ASC/SATISFICING.html


hira
India
Local time: 16:19
Native speaker of: Native in AssameseAssamese, Native in BengaliBengali

Peer comments on this answer (and responses from the answerer)
neutral  RHELLER: contresens (definition of optimization is "finding the best")
9 mins
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