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Multiple Choice

After looking at several copiers, Andrew decides to buy one. He doesn't have time to keep looking, and the chosen model seems to meet his needs. This is an example of ________.

Satisficing. When time is limited, a decision-maker aims for an option that is good enough to meet the needs rather than exhaustively searching for the best possible choice. Andrew reviews several copiers but stops once he finds one that meets his needs, purchasing it without continuing to optimize. That fits the idea of choosing a satisfactory option rather than maximizing. It also sits under the broader idea of bounded rationality, where constraints like time shape the decision process.

Satisficing. When time is limited, a decision-maker aims for an option that is good enough to meet the needs rather than exhaustively searching for the best possible choice. Andrew reviews several copiers but stops once he finds one that meets his needs, purchasing it without continuing to optimize. That fits the idea of choosing a satisfactory option rather than maximizing. It also sits under the broader idea of bounded rationality, where constraints like time shape the decision process.