Playbook for Business Designers
The word satisficing was coined by Herbert Simon. Simon pointed out that human beings lack the cognitive resources to maximize: we usually do not know the relevant probabilities of outcomes, we can rarely evaluate all outcomes with sufficient precision, and our memories are weak and unreliable. A more realistic approach to rationality takes into account these limitations: This is called bounded rationality.
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Satisficing is irrational because there is no “good-enough” option, only “good-enough-for-now” For example, a computer system should be able to respond directly to my thoughts; Even though it can’t yet, I can adjust and improve it so that there is much less time between thought and desired result. Hence maximizing is long term optimized, doubly (both in making long-lasting improvements to the situation, and in the effect it has on your psyche. Satisficing is short-term optimized.