Definition

Satisficing is a decision-making strategy that combines ‘satisfy’ and ‘suffice,’ where you establish acceptable criteria and choose the first option that meets them. Rather than pursuing the perfect choice, satisficing embraces “good enough” solutions that meet predetermined standards.

Why Use It

In a world of endless options and information overload, pursuing optimal choices often leads to decision paralysis and decreased satisfaction. Satisficing offers a practical escape from this paradox of choice, helping us make efficient decisions that preserve our mental energy and time for critical matters.

When to Use It

Modern life bombards us with countless decisions, from what to watch on Netflix to which job offer to accept. Apply satisficing when:

• The cost of continued searching exceeds the potential benefits
• You face time constraints or decision fatigue
• The stakes are moderate rather than critical
• Multiple options would serve your needs adequately
• Perfect information is impossible or impractical to obtain
• The decision is reversible

How to Use It

“Indiana Jones and the Last Crusade” illustrates satisficing in action. When faced with a room full of potential Holy Grails, Indiana Jones doesn’t meticulously evaluate each cup – he sets a simple criterion (“the cup of a carpenter”) and chooses the first option that matches. Like Indy’s efficient choice that saves his father’s life, satisficing can lead to excellent outcomes while avoiding analysis paralysis.

1. Define your minimum acceptable criteria clearly
2. List your non-negotiable requirements
3. Evaluate options sequentially rather than simultaneously
4. Choose the first option that meets your standards
5. Move forward without second-guessing
6. Save your maximizing energy for truly critical decisions

How to Misuse It

The satisficing approach, while powerful, isn’t a one-size-fits-all solution. Like any decision-making tool, it requires thoughtful application to be effective.

Common pitfalls to avoid:

• Setting standards too low out of laziness
• Applying it to high-stakes decisions that deserve maximizing
• Using it as an excuse for hasty or careless choices
• Failing to adjust criteria based on context
• Confusing satisficing with settling or giving up

Next Steps

Implementing satisficing effectively requires a shift in mindset and practical preparation. Think of it as creating a decision-making toolkit where satisficing is one of your primary instruments.

1. Identify decisions in your life that could benefit from satisficing
2. Create standard criteria for recurring decisions
3. Practice setting reasonable thresholds
4. Track the outcomes of satisficed decisions
5. Notice the time and energy saved
6. Share the approach with others who might benefit

Where it Came From

Herbert Simon introduced the concept of satisficing in 1956, challenging the traditional economic assumption that people always maximize utility. Simon, who later won the Nobel Prize in Economics, argued that human rationality is bounded by cognitive limitations and information constraints. The term has since become fundamental in behavioral economics, psychology, and decision theory, offering a more realistic model of how humans make choices in complex environments.