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A., 1955). Especially in the challenging neoclassical economics, such complex calculations are not possible at all.
Simon suggests that humans…
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Download file to see previous pages This is called bounded rationality.
We all know that NASA from very long wants to send a man to Mars. But, since this would be the very first time a man would be going to Mars, we have only limited information available about that planet. So, this first visit to Mars might not lead to a definite success for NASA.
According to Simon, to satisfice means to take a decision which is good-enough for the present situation. The term Satisficing is also called Muddling Through. The word Satisfice was coined by Herbert Simons. It refers to a sub-optimal choice made by the decision maker which he considers to be good enough. Satisificing, therefore, is a decision making process which leads to a near optimal solution and not the optimal one.
Satisficing is not a form of rational actor behavior, since the rational behavior would lead to the most optimal alternative available as the decision. But, satisficing considers the sub-optimal decision. Satisificing is more closely akin to bounded rationality since both these approaches lead to a decision which is not the most optimal or rational one.
Simon wished to replace the economic assumption of global rationality since he strongly believed that it is not possible for human beings to behave rationally because of their computing limitations, and also time and information accessing limitations. Simon believed that the way humans ‘actually’ make decisions is by following the approaches of bounded rationality and satisficing (Newell, 1972).
I strongly agree with Simon on his approach to decision making. His approach does make sense because human decision making has a lot of challenges in terms of selecting the best alternative. I would like to enlighten this with the help of an important recent happening which is the law enforcement in recent London riots. The laws were enforced in a way such that the riots are deterred immediately. Even if the culprits could not be caught of immediately, it ...Download file to see next pagesRead More
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